SociumJob, a Senegalese job network that connects African firms with local and diaspora talent, has raised one million euros ($1M) to enhance its rollout in French-speaking Africa, according to Samba Lo, the company’s thirty-year-old founder who studied applied mathematics at the Polytechnic School of Paris, confirmed this in a statement.
The funds were raised between February and May 2022, one million euros ($1M) from venture capital funds such as Breega, Teranga Capital, Kima Ventures, Techmind, and Evolem Start. Business angels such as Julien Guth (Managing Partner of Beenok) and Dimitri Farber (Co-founder of Tiller) have also backed the startup.
“We are proud of our fundraising success, which demonstrates not only the relevancy of our study, but also the strength of the solution that has already been deployed with reference companies, and we thank all of our investors and clients for their faith in our project. We shall work together to transform the African labour market,” Samba Lo said.
SociumJob would be able to speed its deployment in French-speaking sub-Saharan Africa by bolstering its capacities, particularly in human resources, with the help of the money so raised.
Why The Investors Invested
Samba Lo’s background played a huge part in the latest funding. Lo began his professional career in consulting and finance at Deloitte, Goldman Sachs, Rothschild, and Axa, as well as within a FinTech specialising in blockchain challenges. Following his experiences, Samba Lo decided to specialise in the technology sector, first as the head of product for the start-up Skeat, which specialised in the digitalization of ordering procedures for venues (bars, restaurants, etc.), and later as the founder of SociumJob.
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“Teranga Capital, the top impact investment firm in Senegal and The Gambia, is pleased to support SociumJob at this critical juncture. We believe that technology has the ability to decrease obstacles in the labour market and help to the development of talent on the African continent. We will assist the company in enhancing its market positioning and skills through our I&P Acceleration Technologies programme, which is entirely dedicated to African digital startups “team,” Olivier Furdelle, Teranga Capital’s co-founder and managing director, said.
A Look At What The Startup Does
SociumJob is a platform that connects talents (from Africa and the diaspora) and organisations operating on the continent through a combination of content and technology. It helps African businesses, in particular, to market their activities and corporate culture to prospects, saving important time in the application management process.
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The start-up, which is currently operating in Senegal and Côte d’Ivoire, is targeted directly at organisations looking for skilled staff and promises them cost, time, and effort savings for maximum recruitment results across the continent.
“Professional recruiting is a significant development concern for Africa. On the one hand, organisations lament a shortage of talent and the difficulties in attracting qualified candidates. Graduates and working individuals of all ages, on the other hand, frequently struggle to find an employment that matches their abilities. To address this twin difficulty, we developed SociumJob. Our goal is to allow African firms to flourish socially and economically by innovating in this critical industry, which has just recently been digitalized,” Samba Lo, CEO and Founder of SociumJob said.
The job market in French-speaking Africa is hampered by a lack of information exchange between job searchers and employers. Indeed, the primary methods available, which are online platforms, recruitment agencies, and Internet marketing, do not provide adequate market penetration.
With important clients such as Orange, Mazars, and Ernst & Yong (EY), SociumJob plans to increase its workforce — which is currently around fifteen people — in the coming months, specifically by recruiting managers, sales representatives, experts, and operational staff.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh