SINC, a Bahrain based Software-as-a-Service (SaaS) mobile platform that simplifies the management of a mobile workforce by operating timesheets, location tracking, staff scheduling, and job tracking, has raised US$250,000 in a pre-seed funding round led by Dubai Angel Investors and other prominent regional angel investors. The funds will be used in the short-term to expand SINC's development team and build out the job tracking functionalities that small businesses in North America desperately need.
One of the main problems facing blue-collar small and medium sized enterprises (SMEs) is that with labor costs growing exponentially compared to revenue, the accurate analysis of such data can be difficult and traditional timesheets may result in employers overpaying staff. Furthermore, payroll administration tasks can consume up to 20% of the business owner's time and staff scheduling systems can be complex to manage.
Overcoming such issues, the SINC mobile app or web platform improves the reporting on staff tardiness and no-shows, as well as improving productivity and accountability with job costing analysis capabilities being placed at employer's fingertips. Additionally, the application reduces payroll administration time by 98% and reduces payroll costs by 10-15%.
SINC is built with mobility and convenience in mind as the mobile app allows human resources management and staff to undertake their in-office functions on-the-go.
Sam Dolbel, Co-Founder and CEO of SINC, commented, "Basically, we are trying to win the domain of blue-collar SME job tracking and costing, so nailing this feature is the next big priority for us and what we have been working towards since we started building SINC two years ago. We are now on the cusp of implementing the solution, so it is a very exciting time for us."
Dolbel continued, "There are currently over 4,000 businesses using the SINC platform and while 90% of these users are based in the U.S. and Canada, the company has decided to build out its engineering team in Bahrain where skilled engineering talent abounds, and operating costs are relatively low."
Sam Matthews, Co-Founder and CTO, said, "We believe we have a unique strength in that we are scrappy and cost-effective. By strategically positioning ourselves in the MENA region to take advantage of the labor market and available subsidies through organizations such as Bahrain entity Tamkeen, we are confident we can compete with some of the large US-based competitors and win our vertical of blue-collar small businesses."
SINC has ambitious targets, looking to initially expand its presence and customer base across North America, targeting a sizeable portion of the estimated 1.5 million small blue-collar businesses in that geography. The company then seeks to develop tailor-made solutions for the ever-growing and unique labor environment in the MENA region.
Dolbel concluded by recognizing the proactive efforts of the Bahrain Economic Development Board in providing an attractive and conducive environment for setting up in the Kingdom as well as acknowledging Flat6Labs Bahrain support and mentoring in many aspects of SINC's growth strategy.
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