Dubai-based tech start-up alfii raised $2.5 million in a pre-seed funding round as the company aims to expand its team and further develop its product offerings.
The latest funding round was led by Preface Ventures, the US-based venture capital firm that focuses on infrastructure enterprise companies, an early-stage venture fund Kayan Ventures, Dubai-based investment company Aditum Ventures and venture capitalist Wayfinders, alfii said on Thursday.
Launched in November, alfii said it will “invest heavily” on engineering and product talent and focus on building its FinTech powered human resource automation platform.
The near-term focus for alfii will be building a suite of innovative payroll features that provide clients with “smarter, faster ways to manage payroll and salary disbursements, drastically simplifying a process that is typically tedious and time-consuming for HR owners”, the company said.
“We are looking to build the next generation of this product class, and we are building it entirely in-house – which means we need to bring on world-class talent to grow our business and better serve our customers,” said Yousef Albarqawi, alfii’s chief executive and co-founder.
The start-up said it will gradually introduce a pipeline of new features to address more core HR processes – such as onboarding, time-tracking, time off and leave management – ultimately covering the full employee life-cycle.
Since its inception, more than 250 businesses have signed up to the platform across the region. Its customers are spread across various countries including the UAE, Saudi Arabia and Egypt.
Alfii, which was bootstrapped in the beginning, said it will continue to focus on growing in the UAE market while also looking to Saudi and Egypt markets to increase its customer base.
Currently, the majority of its customers are based in the UAE and the start-up aims to serve the broader Middle East and North Africa region, particularly start-ups and SMEs.
“There is a clear opportunity within the Mena region for this type of start-up- and SME-focused solution, as we continue to see first-hand that HR teams are under-resourced and overwhelmed,” Becky Jefferies, co-founder and chief marketing officer of alfii, told The National.
“We are hugely excited to have such a strong line-up of investors on board as we pave the way for better solutions in our region.”
Alfii is a self-serving, cloud-based HR automation platform. Users can sign up and start using the platform in minutes with no integration or sales team involvement required.
An HR leader or business owner can sign up to the platform, set up their company profile, invite their employees, and immediately start managing documents, employee data, payroll, paid time off, and more.
“With alfii's all-in-one software suite, companies will be able to better understand and manage their human capital resources while improving the user experience for employees with features like digital-to-cash remittances, benefits selection,” said Farooq Abbasi, general partner of Preface Ventures.
Gulf countries are investing in growing an entrepreneurship ecosystem as they look to diversify their economies and fuel post-pandemic growth.
The UAE aims to become home to 20 unicorns – start-ups valued at more than $1 billion – by 2031, in its push to become a regional centre for innovation and entrepreneurship.
Last year, the country launched the Entrepreneurial Nation initiative to offer support through a series of public-private partnerships that will help entrepreneurs to set up operations in the Emirates, expand their businesses, export products and tap into online sales.
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UAE currency: the story behind the money in your pockets
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
MATCH INFO
Real Madrid 2
Vinicius Junior (71') Mariano (90 2')
Barcelona 0
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
The biog
Name: Fareed Lafta
Age: 40
From: Baghdad, Iraq
Mission: Promote world peace
Favourite poet: Al Mutanabbi
Role models: His parents
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
UAE currency: the story behind the money in your pockets
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
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