SeamlessHR, a Nigeria-based human resources company, has raised $10 million in Series A funding for its next phase of growth and regional expansion across Africa.
The new round of financing was led by TLcom Capital, a pan-African venture capital firm. Capria Ventures, a new investor, joined current backers Lateral Frontier Ventures, Enza Capital, and Ingressive Capital.
The SeamlessHR brand solution is a cloud-based, end-to-end HR software that assists firms in managing and streamlining their whole human resource procedures and workflow.
An HR management system, performance and competence management, HR analytics, leave management, payroll administration, and recruitment management are all part of the company’s product range.
The company, which wants to “leverage the continent’s greatest asset: abundant human capital,” intends to expand its connections and bandwidth options as Africa’s desire for cloud computing software continues to grow.
According to projections, the cloud computing business on the African continent, in conjunction with the Middle East, is predicted to rise to $31.4 billion in 2026, up from $14.2 billion last year.
Newer businesses such as YC-backed Workpay and Bento, have entered Africa’s payroll and HR management sector. They assist firms with wage distribution, taxes, and pensions, carving out a niche in what looks to be a sector SeamlessHR hopes to dominate.
“Innovation that permits individuals to get credit for their jobs does not happen in Africa.” “We leverage finance, technology, and HR to assist individuals transform their jobs into collateral to obtain secure credit,”SeamlessHR CEO, Emmanuel Okeleji.
In Africa, putting together an HR solution takes longer than in developed countries, where most small firms can afford to pay for software.
Large corporations, not SMEs, have the most opportunity in Africa. They are the majority of SeamlessHR’s clients since they have more purchasing power and a greater demand for HR solutions.
From Insidify to SeamlessHR
The company founded by CEO Emmanuel Okeleji and CTO Deji Lana was not created from the ground up. The company was launched in 2017, four years after the founders had launched numerous iterations of Insidify, a job aggregator and company review site.
According to the founders, one of the reasons for the switch from Insidify to SeamlessHR was that the former wasn’t lucrative and couldn’t grow throughout Africa.
The company says its revenue grew 10 times faster than Insidify’s in 2018, a year after the MVP was launched.
It established its name by initially signing a few smaller enterprises. However, as time went on, it began to focus on larger clients, and its first major business customer was a bank.
The company’s enterprise-grade solution appeals to a wide spectrum of businesses, from small organizations with fewer than 100 people to huge corporations with more than 10,000 employees.
SeamlessHR also services multinationals and banks like PwC, AXA, and Sterling Bank, as well as startups and investment firms like Flutterwave and TGI Group.
The company says it currently amasses a wealth of human resources and payroll data as its products are used by over 100,000 employees on a monthly basis.
“We have Africa’s greatest collection of medium-to-very-large firms,” Okeleji said.
The company’s CEO, Emmanuel Okeleji, says its new funding will further strengthen its position as “Africa’s leading cloud HR and payroll platform.”
The company, which currently has a presence in Nigeria and Ghana, says plans are underway to take its product offerings to eastern and southern Africa with Kenya and South Africa as operating hubs, thus hiring more staff.
Speaking on the new investment, TLcom Capital partner, Andreata Muforo, said, “The strong execution shown by Emmanuel and his team is a vital ingredient required to build a successful business, and as they expand their products to include embedded finance and launch their solutions to new markets, we’re proud to partner alongside them and strengthen their push to unlock more value within Africa’s B2B space.”
The company’s CEO, Emmanuel Okeleji, also added that the company is planning to build out of its embedded financial offerings and intends to provide additional functionalities, especially around artificial intelligence, data analytics, and machine learning.
“We are building software solutions to optimize HR now, but in the future, we’ll go to other places beyond HR. And we are positioned to build a global SaaS company because SaaS products can travel the world faster than say, fintech. We’re beating global players in our local market, and while we are not distracting ourselves now, we know we can play this game globally.”
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