Cercli, an advanced platform designed to streamline workforce management for businesses in the Middle East and North Africa (MENA), has successfully raised $4 million in seed funding. This funding round was spearheaded by Afore Capital, marking their first investment in the MENA region through their $150 million Fund III. This strategic investment underscores Cercli’s potential to redefine workforce management in a rapidly growing market.
Notable Investor Participation
The funding round attracted significant interest from various prominent venture capital firms and industry leaders. Participants included COTU Ventures, Y Combinator, and Rebel Fund, alongside high-profile angel investors. Noteworthy contributors to this initiative are key figures such as Karim Atiyeh (co-founder of Ramp), Sebastian Mejia (co-founder of Rappi), and Tony Jamous (Oyster), among others, as well as founders and executives from successful MENA unicorns like Kitopi and Careem.
Addressing a $2 Billion Market Opportunity
Cercli focuses on a substantial $2 billion market opportunity in payroll management within the MENA region. Its unified platform simplifies the hiring, management, and payment processes for employees globally, effectively addressing challenges like compliance costs and operational inefficiencies that arise from fragmented systems. Co-founded by industry experts Akeed Azmi and David Reche, Cercli aims to meet the demands of businesses managing an increasingly international workforce.
Akeed Azmi emphasizes the significance of compliance: “Compliance-related costs are a major concern for executives in our region. Cercli integrates multiple disparate systems into one cohesive platform, offering local payroll management, remote contractor payments, HR functions, onboarding, and more.”
Demonstrating Rapid Growth
Since its launch in 2024, Cercli has achieved remarkable growth, witnessing a 25% month-on-month increase in user adoption. The platform has processed over $23 million in employee salaries across 31 countries. By replacing antiquated software and manual processes, Cercli minimizes the risks of fraud, data privacy breaches, payroll inaccuracies, and payment delays, solidifying its role as an essential tool for modern workforce management.
Investor Confidence and Future Projections
Afore Capital’s significant investment reflects a strong belief in Cercli’s ability to navigate and resolve crucial workforce management challenges within the MENA region. Anamitra Banerji, Co-founder and Managing Partner of Afore Capital, noted, “Cercli is addressing one of the region’s biggest challenges—efficiently managing a global workforce while maintaining compliance. This investment demonstrates our confidence in the untapped opportunities within the MENA region and the transformational potential of founders like Akeed and David.”
Amir Farha, Founder of COTU Ventures, reiterated this perspective, highlighting the influence of technology startups on the Middle East’s economic evolution. “Cercli is positioned to revolutionize workforce management. We are thrilled to support their endeavor as they expand and shape the region’s business climate,” said Farha.
Aiming for Future Expansion
With this new capital, Cercli plans to accelerate its growth and expand its team, which already includes talent from top global companies such as Microsoft, ADP, and Accenture. Co-founder David Reche stated, “This investment will enable us to rapidly scale and attract world-class talent, furthering our mission of simplifying workforce management for businesses across the MENA region.”
By aligning with market-specific regulations and integrating smoothly with HR, finance, accounting, legal, and IT software, Cercli is establishing itself as the premier solution for companies seeking comprehensive and reliable workforce management.
As Cercli continues to grow, it sets its sights on leading the transformation of workforce management practices throughout the MENA region, equipping businesses with the necessary tools to succeed in today’s complex and ever-evolving global landscape.