Saudi start-up ZenHR in Mena region
ZenHR offers products covering automated payroll calculations, onboarding and offboarding of employees, attendance and time-tracking, performance management, employee self-service and an applicant-tracking system. The company is “rapidly approaching” 1,000 customers and 100,000 users across the Middle East and North Africa region, having reached this scale “with little to no funding”, said co-founder and chief executive Yousef Shamoun. More than $12 billion in venture capital funding was invested globally in the HR technology space in 2021, with the rate of activity more than tripling, according to a report from the Boston Consulting Group. There was also a high volume of mega deals, those whose value is $100m and above, with 40 of these signed last year, BCG said.