SeamlessHR, a Nigeria-based startup that uses cloud-based human resources (HR) and payroll software to assist African businesses “exploit the continent’s greatest asset: plentiful human capital,” has acquired $10 million in Series A funding for its next phase of growth and regional expansion.
The financing was led by TLcom Capital, a pan-African venture capital firm. Capria Ventures (Seattle, USA), a new investor, joined current backers Lateral Frontier Ventures (New York, USA), Enza Capital (Kenya), and Ingressive Capital (Nigeria).
The fresh capital will bolster the company’s position as “Africa’s top cloud HR and payroll platform,” according to the company. CEO Emmanuel Okeleji, who formerly worked as an investment banker and as a doctor, stated that SeamlessHR would expand its operations to eastern and southern Africa, with Kenya and South Africa serving as operating centers, resulting in the hiring of additional workers. Nigeria and Ghana are the company’s current locations.
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Why The Investors Invested
The company has generated considerable traction since it was founded. SeamlessHR is used by over 100,000 employees from numerous companies on a monthly basis. “We have Africa’s largest collection of medium-to-very-large firms,” Okeleji said. Some of the company’s clients range in size from small organizations with fewer than 100 people to huge corporations with more than 10,000 employees, as well as multinationals and banks like PwC, AXA, and Sterling Bank, including startups and investment firms like Flutterwave and TGI Group.
“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,” TLcom Capital partner Andreata Muforo said of the investment.
A Look At What The Startup Does
SeamlessHR’s flagship product, which was founded in 2018 by Dr. Emmanuel Okeleji and Deji Lana, is a cloud-based, end-to-end HR software that helps businesses manage and streamline their complete human resource operations 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.
SeamlessHR was founded after the team launched numerous prototypes of Insidify, a job aggregator and company review site.
“The natural client for our job sites was the HR,” CEO Okeleji said in a statement. “So we thought, ‘how can we help HR to become more productive and successful so that they can run a better, more profitable company and hire more people in the process?’’
One of the reasons for the switch from Insidify to SeamlessHR, according to the founder, was that the latter was not profitable and had the flexibility to scale across Africa.
Both goals were achieved with SeamlessHR, and a year after introducing the MVP, revenues were 10 times higher than Insidify’s.
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The business plans to expand its vertical goods with the massive sum it has raised so far, beginning with the launch of embedded finance products for staff.
SeamlessHR HR payroll SeamlessHR HR payroll
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer