Middle East start-up Workfam joins disruptive tech portfolio of GELLIFY and Azimut

Azimut, is one of Europe’s leading independent asset manager, listed on the Italian stock exchange, with a registered office in Monaco. In partnership with the B2B innovation platform GELLIFY, the group has launched the Azimut Digitech Fund, a closed-end alternative B2B venture capital fund that invests exclusively in B2B technology companies.

GELLIFY, along with Azimut through the Azimut Digitech Fund, underwrote the capital increase of the UAE based start-up, Workfam, an SaaS platform that supports organizations with their mission to create a happy, healthy, and highly engaged workforce, as a foundation for a more exclusive focus on disruptive innovators from the UAE and wider region.

Founded in the UAE in 2018 by Cameron Collins, former Product Marketing Manager – Cloud & Enterprise at Microsoft, Workfam is a player in the fast growing HR Tech – Employee Engagement market.

In 2019, the HR Tech market was valued at $47.5 billion while the global growth expectations for the sector are at $90 billion in market value in 2025 (an equivalent of a 13.7%).

As companies globally begin to adopt long-term work from home policies, they are turning to HR solutions and software to help them retain high levels of employee engagement. The modern remote workforce is struggling to remain engaged, motivated, and productive. Furthermore, HR departments are recognizing the importance of both the mental and physical wellbeing of their employees. This topic has now become an integral part of every organization’s HR strategy moving forward.

Workfam helps organizations leverage their employee retention through several stimuli: it provides opportunities for employees to work on their mental and physical wellbeing, giving them access to customized benefits; it allows to create synergies and connections by driving cross-industry and cross-offering collaboration and breaking down workforce silos; it also encourages internal competitions for a healthy lifestyle, through badge collection and rankings; it allows to reward employees for their personal and professional achievements; it leverages data to let the corporate leadership make informed decisions about employee engagement.

GELLIFY’s co-investment transaction with Azimut will help Workfam with its consolidation process and international scale up phase.

This first co-investment transaction by Azimut and GELLIFY lays the foundation for a series of new co-investments in B2B tech startups through a dedicated Fund that will be launched in the Middle East by the end of 2021.

“This transaction marks the acceleration of Azimut’s private markets investment in the GCC. We are pleased that this happening in the UAE, which is a key center of our global integrated asset management platform since 2016, with offices in Dubai and Abu Dhabi. We have big plans to scale this effort up with a brand new fund, domiciled in the Abu Dhabi Global Market, focusing exclusively on B2B tech start-ups rooted and developed out of the UAE and the wider region, which is a testament to a vibrant ecosystem conducive for disruptive innovation with a global potential.”

Giorgio Medda, the Azimut Group Co-CEO and Global Head of Asset Management 

Source: Workfam, Azimut Digitech Fund