YC Alum Cercli Raises $12M Series A for AI-Powered MENA Platform

A New Unified Platform for MENA Businesses: Cercli's AI-Driven Approach

For businesses in the Middle East and North Africa (MENA) region, dealing with fragmented systems, outdated compliance tools, and disconnected HR and finance departments has long been a challenge. Cercli is emerging as a unified solution, leveraging the power of artificial intelligence to address these issues.

Securing $12 Million in Series A Funding

Founded by former Careem executives, Akeed Azmi and David Reche, the Dubai-based startup has successfully closed an oversubscribed $12 million Series A funding round. This round was spearheaded by European venture capital firm, Picus Capital.

Evolution from Seed Stage to AI-Native Platform

Cercli has undergone significant development since its $4 million seed round last year. The company is now focused on constructing a comprehensive platform, similar to Rippling, but designed with AI as a fundamental component from its inception.

Rapid Revenue Growth and Expanding Operations

This strategic shift has yielded impressive results. Cercli reports a more than 10x increase in revenue over the past year. Currently, the platform processes over $100 million in annual payroll for a diverse clientele spanning 50 countries.

Addressing a Gap in the HR-Tech Landscape

Despite a competitive HR-tech market, populated by companies like Deel, Remote, SAP, and Oracle, Cercli’s CEO, Azmi, believes its AI-first approach provides a distinct advantage. The company aims to differentiate itself through innovative technology.

Origins Rooted in Real-World Challenges

Azmi initiated Cercli to resolve common people operations difficulties experienced by enterprises. He and Reche observed these challenges firsthand during their tenures at prominent MENA unicorns, Careem and Kitopi.

Initial Focus on Consolidation and Global Compliance

The initial iteration of Cercli concentrated on consolidating human resources management, payroll, and compliance for MENA-based companies operating on a global scale, given the complexities of managing payroll across multiple systems and varying regional regulations.

Rewriting the Payroll Engine with AI

Recognizing a larger opportunity, Cercli embarked on a complete overhaul of its payroll engine over the last three months. This rebuild focused on multi-country compatibility and agent integration, enabling more efficient scaling across international jurisdictions.

Embracing an AI-Native Future

“Traditional systems, like those from SAP, Oracle, and Workday, were designed for on-premise deployment and then adapted for the cloud,” Azmi explained in an interview. “We are now entering an era defined by AI, and we wanted to fundamentally rethink the entire stack for seamless collaboration between people and agents.”

AI-Powered Recruitment Capabilities

The company has also applied this AI-driven approach to its recruitment module. Cercli now offers features powered by agents that can identify potential candidates, leverage internal data sources, and assess hiring suitability.

Internal Efficiency Driven by AI

Cercli utilizes custom-built treasury and reconciliation agents, powered by AI, to manage its own finances and accounting operations. This internal efficiency contributed to the successful closure of the Series A round while maintaining a 21% month-over-month revenue growth rate.

The Value of Consolidation in a Fragmented Market

Beyond its AI capabilities, Cercli’s strength lies in its consolidation strategy. While numerous multi-module HR competitors exist, including Deel, Rippling, and BambooHR, many MENA companies rely on a patchwork of disparate solutions for expense management, payroll, and recruitment.

A Unified Experience Through AI

“Clients are seeking an all-in-one solution, and our AI-native architecture allows us to deliver that unified experience more rapidly,” Azmi stated.

Rapid Onboarding and Diverse Client Base

Cercli’s AI-native architecture also facilitates quick customer onboarding. The company claims setup can be completed in just two to three days, a significant improvement over the months typically required by legacy systems. This has attracted a diverse client base, ranging from startups to multinational corporations, including Vision Bank, the Global Climate Finance Centre, Huspy, Lean Technologies, and Ziina.

Picus Capital's First MENA Investment

This investment marks Picus Capital’s first venture in the MENA region. The firm has previously invested in other prominent global HR companies such as Personio, Multiplier, Deel, Maki, and JetHR.

Investor Participation and Future Plans

Additional investors in this Series A round include Knollwood Investment Advisory, along with existing investors Y Combinator, Afore Capital, and COTU Ventures.

Expanding AI Capabilities and Market Share

The company intends to utilize the investment to develop new AI-native products and expand its market share within the $5.8 billion HR software market in MENA.

Confidence in Cercli's Growth Potential

“We have observed this business model’s success globally within our portfolio, and we are enthusiastic about supporting Cercli as they continue to gain market share through new customers and product launches,” commented Robin Godenrath, founding partner at Picus Capital.