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Dubai-Based Startup Alfii Raises $2.5 Million In Seed Funding
The significant investment will be used to build new engineering solutions for the company’s FinTech-powered human resource automation platform.
After launching in November 2022, Dubai-based startup Alfii has raised $2.5 million in pre-seed funding as the company seeks to expand its team and develop its product offering.
Alfii is a cloud-based HR automation platform where users can set up a company profile, invite employees, and begin managing documents, employee data, payroll, and more.
The latest funding round was overseen by US-based venture capital company Preface Ventures, as well as Dubai-based Aditum Ventures, Kayan Ventures, and Wayfinders.
“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,” says Farooq Abbasi, general partner of Preface Ventures.
With funding now secured, Alfii plans to build a suite of payroll features to provide users 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 explained.
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“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,” added Yousef Albarqawi, Alfii co-founder and chief executive.
The tech startup plans to gradually introduce a whole suite of new features for HR processes, including onboarding, time-tracking, and leave management. Eventually, the Alfii platform will cover the entire employee life cycle.
Since its launch, more than 250 businesses have signed up to Alfii in the MENA region. Customers are currently spread across countries, including Egypt and Saudi Arabia, with the UAE comprising the bulk of the customer base.
News
Ericsson And e& Join Forces To Bring Superfast 5G To Egypt
The partnership aims to deliver fast, reliable connectivity to private users and enterprises while supporting cross-sector digital innovation.
At GITEX GLOBAL 2024, Ericsson and e& Egypt announced a groundbreaking partnership to roll out 5G technology across Egypt, promising users enhanced connectivity with faster speeds, reduced latency, and expanded bandwidth. The collaboration will cater to the growing demand for advanced mobile services for both consumers and enterprises alike.
Under the agreement, Ericsson will deliver its energy-efficient 5G product suite to establish the new network. This comprehensive 5G Radio Access Network (5G RAN) portfolio, implemented through the Ericsson Radio System, is designed to support diverse traffic conditions and site types. It aims to provide reliable performance as networks grow across mobile generations, equipping Egypt with a stable, high-capacity infrastructure to foster digital innovation.
The adoption of 5G is expected to provide Egyptians with seamless connectivity and increased network resilience. The expanded bandwidth and lower latency brought by this new infrastructure will support not only faster internet for users but also enhance industry operations and contribute to society as a whole.
“We are thrilled to bring 5G to Egypt with our technology partner, Ericsson. Through this partnership, e& Egypt will be able to provide faster connectivity speeds, larger bandwidth, and lag-free user experience to our customers, unlocking many opportunities for consumers and enterprises,” said Amr Fathy, Chief Technology and Information Officer of e& Egypt. “With Ericsson’s cutting-edge 5G solutions, we are paving the way for a more connected and innovative future for Egypt”.
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Ekow Nelson, Vice President and Head of Global Customer Unit for e& at Ericsson Middle East and Africa, also reflected on the longstanding collaboration: “Our storied partnership with e& Egypt dates back nearly two decades, with two generational shifts in mobile technology. Like previous generational shifts, our ambition with 5G is to extend e& Egypt’s technology position”.
Ericsson and e& Egypt have collaborated successfully for years, achieving notable milestones in network innovation, customer experience, and sustainable development.