Cercli, a Dubai-based startup building an AI-powered workforce management platform, has announced an oversubscribed $12 million Series A round. The round was led by European venture capital firm Picus Capital, marking its first-ever investment in the MENA region. The Y Combinator alum, founded by ex-Careem operators Akeed Azmi and David Reche, aims to replace fragmented legacy systems with a unified, intelligent alternative for MENA businesses.
An AI-Native Approach To HR
Cercli is differentiating itself in the crowded HR tech market by rebuilding its entire stack to be AI-native from the ground up, rather than simply integrating AI features. This approach targets the legacy systems of major ERP players. “It’s an exciting time to be building for the AI era, as there is a once in a lifetime opportunity to disrupt the 800-pound gorillas in the ERP market that was long held untouchable by the likes of Workday, SAP and Oracle,” said Akeed Azmi, co-founder and CEO of Cercli. This AI-native architecture has enabled the company to create agent-compatible payroll and recruitment modules and allows for rapid customer onboarding in as little as two to three days, compared to the months-long setup typical of legacy systems.
Explosive Growth And Market Traction
Over the past 12 months, Cercli has demonstrated significant momentum, achieving 10x revenue growth and maintaining a 22% month-over-month growth rate. The platform now processes over $100 million in annual payroll for businesses across more than 50 countries. The company’s customer base includes a range of startups and multinational corporations such as Vision Bank, the Global Climate Finance Centre, Huspy, Lean Technologies, and Ziina.
Investor Confidence In A Growing Market
Picus Capital’s debut investment in the region signals strong confidence in Cercli’s model and the broader MENA tech ecosystem. “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,” said Robin Godenrath, Founding Partner at Picus Capital. The round also saw participation from Knollwood Investment Advisory and existing investors Y Combinator, Afore Capital, and COTU Ventures. The funding will be used to develop new AI products and expand market share in the $5.8 billion HR software market in MENA.
About Cercli
Cercli is the single platform for businesses to hire, manage, and pay their global workforce. Founded in 2023 by Akeed Azmi and David Reche, Cercli replaces fragmented legacy systems with a modern, AI-powered platform for HR management, payroll, and compliance. Backed by leading investors including Picus Capital, Y Combinator, Afore Capital, and COTU Ventures, Cercli serves enterprises with workforces across 50+ countries.
About Picus Capital
Picus Capital is an early-stage technology investment firm with over $1.6 billion in assets under management. Founded in 2015 and headquartered in Munich, the firm operates globally with offices in New York, London, Berlin, Madrid, Bangalore, Singapore, Paris, and Mexico City. Picus focuses on backing transformative technology companies across financial services, HR, energy and climate, healthcare, enterprise software, and AI applications.
Source: TechCrunch
