UAE-Based Cercli Raises US$12 Million In Series A Round, Marking Germany-Based Picus Capital’s First MENA Deal

UAE-based workforce management platform Cercli has raised US$12 million in a Series A round led by Germany-headquartered early-stage technology investment firm Picus Capital, marking the latter’s first investment in the MENA region.  

Founded by Akeed Azmi and David Reche in the UAE in 2023, Cercli provides enterprises with an artificial intelligence (AI)-based platform for hiring, managing, and paying their workforce—both human and agentic—through a unified system that connects people, data, and AI agents.  

Picus Capital, which manages more than $1 billion in assets, has a portfolio of HR software companies including Germany-based HR management platform Personio, Singapore-based global employment platform Multiplier, US-based payroll and compliance platform Deel, France-based hiring software company Maki, and Italy-based HR and payroll automation platform JetHR.  

In an interview with Inc. Arabia, Reche, co-founder and Chief Product and Technology Officer of Cercli, described Picus Capital’s backing as a defining moment for both his enterprise and the region’s technology ecosystem. “Picus Capital’s decision to make Cercli their first-ever MENA investment is a huge validation for us as a company, but also for the broader region as a destination for top-tier tech investment,” he said. “I think what convinced Picus and our other investors was a combination of a few things. This includes not just our continued momentum, the scale of the market opportunity, our AI-native approach, but also our product-led approach and customer obsession.”  

Cercli’s momentum comes as the region’s $5.8 billion HR software market continues to expand alongside major digital transformation programs. The company has been serving enterprises with workforces ranging from 25 to 1,000 employees, with a client list that includes Vision Bank, Backlite Media, Global Climate Finance Centre, Huspy, Lean Technologies, and Ziina.  

That growth, Reche noted, has been central to winning investor confidence. Over the past year, Cercli has scaled its revenue tenfold and processed more than $100 million in payroll across 50 countries—figures that underline both market appetite and execution strength. “The MENA region is at an inflection point where enterprises are demanding modern, unified HR systems to replace legacy human resources information systems and enterprise resource planning along with manual disjointed processes,” Reche added. “This is a shift now backed by large-scale national initiatives like Saudi Arabia’s Vision 2030 and Dubai’s D33 Agenda.” 

The Cercli team.

As the market evolves, Reche pointed to AI as being the defining force shaping how enterprises manage people and productivity. “The shift we’re witnessing is both deep and fast-moving,” he said, noting how AI and automation are fundamentally changing the way organizations approach every aspect of workforce management, from recruitment and onboarding to performance evaluation and even benefits administration.  

“A few key trends stand out,” Reche added. “First, the rise of AI-native platforms that are not just bolting AI onto legacy systems, but deeply integrating intelligence from the ground up, enabling predictions and automations that weren’t possible before. Second, the growing importance of compliance and data integrity as workforces become more distributed and as regulators in regions like MENA push for transparency. Third, the emergence of ‘agentic’ work where AI-powered digital agents increasingly take over repetitive, rules-based tasks, freeing humans to focus on creative, high-value work. Finally, talent itself is globalizing. Companies want access to the best people, wherever they are, and platforms like Cercli are enabling both enterprises and professionals to operate seamlessly and compliantly across borders. The future of work will be defined by flexibility, intelligence, and, above all, the ability to adapt at speed.” 

Alongside Picus Capital, the new investment in Cercli also saw participation from existing investors like US-based investment firm Knollwood Investment Advisory, US-based startup accelerator Y Combinator, US-based venture capital firm Afore Capital, UAE-based early-stage investor COTU Ventures, along with individual investors such as Prabhakar Reddy of the India-based fintech company OpenFX, Jaime Arrieta of Chile-based HR software Buk, Marco Ogliengo and Francesco Scalambrino of Italy-based HR and payroll automation JetHR, Francesco Simoneschi of UK-based open-banking network Truelayer, and Mehdi Ghissassi of the UAE-based artificial intelligence company AI71.  

The $12 million raise is thus set to fuel Cercli’s next phase of growth by strengthening its product offering and reinforcing its presence in key regional markets. “This capital allows us to double down on building Cercli as the AI-native unified platform and system of record for the region, which is a major ask from across our customers,” Reche shared. “Our immediate focus is two-fold: first, deepening our presence in core markets like the UAE and Saudi Arabia, where enterprise digitization and regulatory modernization are moving fastest. We’re targeting a double-digit share of these markets as adoption continues to accelerate. Second, we’ll invest in our technology and product teams, helping us rapidly launch new AI-native services right here in the Middle East.”  

Cercli has already been expanded its team across the MENA region, Europe, and North America over the past year, with it recruiting talent from enterprises like Google, Meta, Deel, Booking.com, Rippling, and Goldman Sachs. Meanwhile, the company’s AI-native foundation continues to shape its roadmap as it positions itself to serve enterprises transitioning from legacy workforce systems to intelligent platforms built for speed and scale. It was this momentum, Reche explained, that set the stage for Cercli’s latest raise—one that arrived sooner than expected. “We did not intend to raise this soon, given we’ve been very capital efficient since our fundraise last year,” he shared. “However, we had solid investor interest, and this round was oversubscribed. Picus Capital's experience in this space and a portfolio of leaders is what attracted us to them,” he said. “With our growth metrics, investor interest grew further. For us, getting existing backers like Y Combinator, Afore, and COTU to double down before expanding to new investors created a sense of momentum and social proof.”  

Offering advice to other founders navigating their own fundraising paths, Reche said that capital is best attracted through trust, clarity, and consistent execution. “My key advice for MENA founders would be to start your investor conversations early and treat them as two-way dialogues,” he said. “It is useful to keep investors warm, even if you’re not raising right away. Investors are looking for conviction not just in your numbers, but in your understanding of the problem, the region’s nuances, and your long-term vision. Don’t underestimate the value of operational excellence, showing that your business can execute at speed, and scale is as important as the big idea itself. Finally, don’t be afraid to reach across borders: global investors are increasingly interested in the region, especially if you show how your business can scale beyond a single market.”  

Pictured in the lead image are Cercli co-founders David Reche (left) and Akeed Azmi (right). All images courtesy Cercli.