Cercli, an innovative platform streamlining workforce management for businesses in the Middle East and North Africa (MENA), has successfully raised $4 million in seed funding. The funding round was led by Silicon Valley’s Afore Capital, making its debut investment in the MENA region. This strategic move by Afore Capital, utilizing its $150 million Fund III, highlights Cercli’s potential to reshape workforce management in a burgeoning market.
The funding round also drew participation from notable venture capital firms and industry leaders, including COTU Ventures, Y Combinator, Rebel Fund, and a range of high-profile angel investors. Among these investors are influential figures such as Karim Atiyeh (co-founder of Ramp), Sebastian Mejia (co-founder of Rappi), Tony Dong (Rippling), Tony Jamous (Oyster), and Allison Pickens, as well as founders and executives from MENA unicorns like Kitopi and Careem.
Addressing a $2 Billion Market Opportunity
Cercli is tapping into a significant $2 billion market opportunity in payroll management across the MENA region. Its unified platform simplifies hiring, managing, and paying employees globally, addressing common challenges like high compliance costs and operational inefficiencies caused by fragmented systems. Co-founded by industry veterans Akeed Azmi and David Reche, Cercli was created to meet the demands of businesses managing a growing international workforce.
“Compliance-related costs are a major concern for executives in our region,” explained Akeed Azmi, co-founder of Cercli. “Cercli integrates multiple disparate systems into one cohesive platform, offering local payroll management, remote contractor payments, HR functions, onboarding, and more.”
Rapid Growth and Market Validation
Since its launch in 2024, Cercli has demonstrated impressive growth, with a 25% month-on-month increase in user adoption. The platform has successfully processed over $23 million in employee salaries, spanning 31 countries. By replacing outdated software and manual processes, Cercli reduces the risk of fraud, data privacy breaches, payroll errors, and payment delays, positioning itself as a vital tool for modern workforce management.
Investor Confidence and Market Potential
The substantial investment by Afore Capital underscores the confidence in Cercli’s potential to address critical workforce management challenges in the MENA region. “Cercli is tackling one of the biggest issues in the region—efficiently managing a global workforce while ensuring compliance,” noted Anamitra Banerji, Co-founder and Managing Partner of Afore Capital. “Our investment reflects our belief in the MENA region’s untapped opportunities and the transformative power of visionary founders like Akeed and David.”
Amir Farha, Founder of COTU Ventures, echoed this sentiment, emphasizing the crucial role technology startups play in the Middle East’s economic transformation. “Cercli is poised to be a game-changer in workforce management. We are excited to support their journey as they scale and influence the region’s business landscape,” Farha stated.
Future Expansion and Talent Acquisition
With fresh capital in hand, Cercli is focused on accelerating its growth and expanding its team, which already includes experts from top global companies like Microsoft, ADP, and Accenture. “This investment will allow us to scale rapidly and attract world-class talent to further our mission of simplifying workforce management for businesses across the MENA region,” said David Reche, co-founder of Cercli.
By aligning with market-specific regulations and integrating seamlessly with HR, finance, accounting, legal, and IT software, Cercli is establishing itself as the go-to solution for businesses seeking comprehensive and reliable workforce management.
As Cercli continues to expand, it aims to lead the transformation of workforce management practices across MENA, providing businesses with the tools they need to thrive in a complex and ever-changing global landscape.
