• Cercli's revenue has grown tenfold over the past 12 months as companies embrace the shift to unique, AI-powered HR technology systems.
• Circlely's systems process over $100 million in employee payroll transactions in more than 50 countries.
• Pecos Capital's first investment in the MENA region signals strong confidence among venture capital funds in the region's technology ecosystem.
• The funding is expected to accelerate product development, geographic expansion, and team growth as the MENA HR software market reaches $5.8 billion.

Riyadh, Saudi Arabia, and Dubai, United Arab Emirates – Cercli (www.cercli.com), the modern, unified platform for empowering businesses in the era of artificial intelligence to hire, manage, and pay their workforce, announced the successful completion of a $12 million Series A funding round led by Germany-based Picus Capital.

Knollwood Investment Advisory participated in the funding round alongside existing investors Y Combinator, Afore Capital, and COTU Ventures, who demonstrated increased interest in Circlely's capabilities and the clear impact it continues to make in the space. Individual investors also participated in the round, including Prabhakar Reddy of OpenFX, Jaime Arrieta of Buk, Marco Ollingo and Francisco Scalambreno of Jet HR, Francisco Simoneschi of Truelayer, and Mehdi Ghassassi of AI71.

This is the first investment in the MENA region for Pecos Capital, which manages over $1 billion in assets across its portfolio. Pecos invests in global HR services companies, including Personio, Multiplier, Deel, Maki, and GetHR, all of which are leaders in the field in their respective regions. This deal represents a continuation of Pecos' sector strategy in one of the world's fastest-growing technology markets, where Circlely aims to create a unified platform that enables companies to manage their employees, data, and agents in the era of artificial intelligence.

Over the past 12 months, Circle has achieved tenfold revenue growth, with a client base ranging from startups to large multinational corporations, such as Vision Bank, Backlite Media (part of the Abu Dhabi-listed Multiply Group), the Global Climate Finance Centre, Huspy, Lean Technologies, and Zeina. The company processes payroll distributions for organizations across 50 countries, with a total transaction value exceeding $100 million over the past 12 months, serving organizations with between 25 and 1,000 employees across the Middle East and North Africa (MENA) region and beyond.

On this occasion, Akid Azmi, Co-Founder and CEO of Circlely, said that the company has witnessed remarkable growth over the past twelve months, noting that this growth has played a pivotal role in attracting talent, clients, and investors. He added: “Companies understand the importance of having a unified platform that serves as a reliable source for managing employees, who are considered the most important assets of an organization. Therefore, we believe the time has come to embark on the era of artificial intelligence, which presents us with a unique opportunity to revolutionize the ERP solutions market, which has been dominated by companies such as Workday, SAP, and Oracle.”

Circle, which is growing at 22% month-on-month, seeks to capitalize on the potential opportunities in the $5.8 billion HR software market in the Middle East and North Africa (MENA), where companies still use legacy ERP systems that have not been upgraded to meet the needs of the modern workforce. The regional market is undergoing rapid system modernization, with Saudi Arabia's Vision 2030 alone funding economic projects worth over $500 billion, requiring modern workforce management capabilities.

Circlely's AI strategy was designed to deploy internal AI solutions first, enabling the company to deliver new products and features and meet customer needs quickly. This allowed business leaders to fully transition their organizations to Circlely's platform in 48 to 72 hours, rather than the nine months it would take to work with traditional software providers. This increased demand from companies for high-quality products and services.

Robin Goodenrath, founding partner at Pecus Capital, praised Circlely's founding team, noting the company's rapid execution of its product expansion strategy. He said the company is rapidly rolling out its products in a region experiencing rapid transformation and a tech-savvy workforce eager for AI-enabled workplace management solutions. He added, "We have seen this business model succeed globally within our portfolio, and we are excited to support Circlely as it continues to grow its market share by acquiring new customers and launching new products."

As part of this investment, Circle will continue to develop new AI-based products and services, while also developing complementary products as customers seek to transition to integrated product suites.

David Resch, co-founder and chief technology and product officer at Circlely, said his company recognized a pressing need to "rebuild" workforce management systems with a focus on AI, not just adding new features. He added, "This will give us a fundamental advantage in delivering the efficiencies, integration, and intelligence that modern businesses need. As we expand, we will focus on attracting talented individuals from around the world to join us in our mission to transform how businesses manage their workforces, whether human or AI agents."

Circle is also expected to continue investing in strengthening its commitment to attracting global technology talent to the region. Since 2024, the company has hired specialists from some of the world's most prominent companies, including Google, Meta, Dell, Booking.com, Rippling, and Goldman Sachs.

About "Circle"

Cercli is a unified platform that enables companies to recruit, manage, and pay their workforces globally. Founded in 2023 by Akid Azmi and David Resch, the company aims to transform companies' fragmented, legacy systems into a modern, AI-powered platform for managing human resources, payroll, and compliance. Serving companies and organizations in over 50 countries, Cercli is backed by prominent investors including Pecus Capital, Y Combinator, Avor Capital, and Coto Ventures. For more information, visit www.cercli.com.

About Pecos Capital

Picus Capital is an early-stage technology investment firm with over $1.6 billion in assets under management. Founded in 2015, the Munich-based firm has offices in New York, London, Berlin, Madrid, Bangalore, Singapore, Paris, and Mexico City. Its focus is on backing disruptive technology companies in the financial services, human resources, energy and climate, healthcare, enterprise software, and artificial intelligence (AI) sectors. For more information, visit www.picuscap.com.

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