UAE-based employee benefit platform MyBenefits, has raised a $780,000 seed round from EdgeGlobal, with participation from individual investors; Musaab Al Hakami, Turki AlJeaid, Wamda has reported.
Previously alluded to in a tweet by an angel investor, the report by Wamda now confirms the investment, as well as the total sum.
The company offers a SaaS platform that enables companies to streamline and standardize their staff discounts, rewards, and benefits.
MyBenefits started out as a business-to-business (B2B) marketplace for SMEs to help them get access to corporate rates on a wide variety of social services, such as health care. The company launched its prototype for its employee discount and benefits platform back in 2019 and started rolling it out officially in February last year.
The startup is accessed by users in nine total countries across the MENA region: the UAE, Bahrain, Kuwait, Saudi, Egypt, Lebanon, Jordan, Oman, and Qatar. It currently has over 300 companies listed on its platform, servicing around 15,000 employees, Wamda reported.
The startup claims to have registered an annual growth rate of 30 percent and doubled its customer base in the first quarter of 2021. It plans to use the fresh funds to expand into the GCC and for talent acquisition.