"HR-tech Startup Palm.hr Secures $5 Million in Funding for MENA Expansion"
Determined to address this gap, Schrems joined forces with Christoph Czichna and Dragan Nikolic in 2019 to launch Palm.hr.
Richard Schrems was working as an HR consultant in Riyadh when he noticed a gap in the market for employee-focused HR tech solutions. Despite his search for a localized solution, he found that many of the available HR software options were too complex, with many features and functionalities geared towards HR managers but not employees. As a result, adoption was difficult.
Schrems' findings were supported by a recent study that showed growing dissatisfaction with HR tech providers, with half of the respondents stating they planned to switch to newer technologies that offered better user experience and took remote work into account.
Determined to address this gap, Schrems joined forces with Christoph Czichna and Dragan Nikolic in 2019 to launch Palm.hr. Based in Riyadh, the HR tech startup has seen significant growth since its launch, doubling its annual recurring revenue every six months. With clients such as Hala, Thmanyah, the Saudi Venture Capital Company, and others, Palm.hr has plans to expand to Egypt and the UAE, while also focusing on growth in Saudi Arabia.
Recently, Palm.hr raised $5 million in pre-Series A funding, led by Speedinvest and RAED Ventures, with participation from Wamda Capital. The company aims to transform HR tech and employee experience across the Middle East and North Africa, and eventually beyond.
Palm.hr offers automated payrolls, tracks leaves and absences, and monitors employee performance, with easy-to-use self-service features for internal communication. It is also configurable across borders to match local labor laws and regulations. In Saudi Arabia, the company has integrated with government services such as Mudad for digital payroll and compliance, the General Organization for Social Insurance (GOSI), and Muqeem for foreign employee data.
Schrems stated that the company is planning to add new features and products that will allow employees to access loans, asset financing, and insurance products. The goal is to merge HR tech with fintech and insurtech, making Palm.hr a central part of employees' daily lives.
As the global HR tech market is expected to grow at a 9.08% CAGR to reach $53.3 billion by 2028, Palm.hr is well-positioned to capture a significant share of the market as it embarks on expansion and further product development.