Cercli, a Dubai-based HR-tech startup, has raised $12 million in an oversubscribed Series A round led by Picus Capital. The funding marks Picus’ first investment in the Middle East and North Africa and will support Cercli’s expansion in the region’s $5.8 billion HR software market.
Founded by Akeed Azmi and David Reche, former operators at Careem, Cercli develops AI-driven tools for payroll, compliance, and human resources management. The company says it has grown revenue more than tenfold in the past year and now processes over $100 million in annual payroll for clients operating in 50 countries.
The startup is positioning itself as an AI-native alternative to legacy enterprise systems from companies such as SAP and Oracle, as well as newer global HR players including Deel and Rippling. Over the past three months, it has rebuilt its payroll engine to support multiple jurisdictions and agent-based automation, aiming to reduce onboarding times and operating complexity for clients.
Cercli’s unified platform, which can be set up in just a few days (compared to months with legacy systems, according to Azmi speaking with Techcrunch), has helped it win customers ranging from startups to multinationals, including Vision Bank, the Global Climate Finance Centre, Huspy, Lean Technologies, and Ziina.
Alongside Picus, investors in this Series A include Knollwood Investment Advisory, as well as existing backers Y Combinator, Afore Capital, and COTU Ventures.
The company plans to use the funding to expand its product suite and increase market share in what it estimates to be a $5.8 billion MENA HR software market.
“We’ve seen this business model succeed globally within our portfolio, and we are excited to back Cercli as they continue to grow market share through new customers and product launches,” said Robin Godenrath, Founding Partner at Picus Capital.
