SeamlessHR has raised $10 million in a Series A round led by TLcom Capital. SeamlessHR is a Nigeria-based startup providing payroll and human resources management software-as-a-service solutions.
New and existing investors, including Capria Ventures, Lateral Capital, Enza Capital, Ingressive Capital, participated in the Series A round. SeamlessHR intends to launch a new embedded finance product and add product functionalities around artificial intelligence and HR data analytics to help improve the lives of working people across Africa.
"The endorsements of new investors like TLcom and Capria are so significant for us as a company. Yet, the follow-on investments by Lateral Capital, Enza Capital, and Ingressive Capital are equally significant because of how indicative it is of the progressive growth and success we’re experiencing", the company stated in a press release.
Founded in 2013 as Insidify.com — a jobs aggregator with a recruitment management system that matched employers to job seekers — Emmanuel Okeleji and Deji Lana relaunched the company, in a strategic pivot, as SeamlessHR in 2018 to provide cloud-based HR and payroll management SaaS solutions.
One of the reasons we experience a high adoption rate from large-sized African organizations is that we're the only enterprise-grade HR and payroll SaaS company in Africa that fully manages the entire lifecycle on one platform.
Since its relaunch, the company has provided cutting-edge tools required to remain ahead of the rapidly changing HR management curve to over 100,000 clienteles from different organizations including PwC, Flutterwave, Sterling Bank, TGI Group, Lagos Business School, AXA, and Chapel Hill Denham.
The new funds will take us several steps closer to achieving our vision of helping more African businesses become more productive and successful. It also provides the platform to expand our reach and presence to Southern and East Africa and further strengthen our position as Africa’s leading cloud HR and payroll platform. — SeamlessHR
Emmanuel Okeleji said: "In Africa, the innovation that allows people to access credit from their jobs doesn’t happen. And an HR payroll software is well-positioned to lead that innovation because we use finance, technology and HR to help people convert their employment into collateral to access safe credit".
"We are fanatical about customer success, and this funding will enable us to invest in the continuous optimization of customer experience across all touchpoints, adding new features and functionalities to empower our customers even more", he added.
Reacting to the investment, a Partner at TLcom Capital Andreata Muforo said, "SeamlessHR has consistently demonstrated its ability to deliver a robust HR and payroll platform for Africa’s medium and large businesses".
Muforo added that "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".
In Africa, new companies like YC-backed Workpay and Bento have joined the payroll and HR management market to help businesses with salary disbursement, taxes and pension, carving out a niche for themselves in a market that appears to be dominated by SeamlessHR.
In March 2019, SeamlessHR received a pre-seed investment of $150,000 and later in November 2020, the company raised an undisclosed seed fund from Lateral, Consonance, Ingressive, and Enza Capital.