SeamlessHR, a Nigerian startup that offers payroll and HR software-as-a-service (SaaS) solutions, has raised a $10 million Series A investment.
TLcom Capital led the funding round, along with existing investors Lateral Capital and Enza Capital. Capria and Ingressive Capital were also investors in the round. SeamlessHR now has $12.2 million in funding, after previously raising $2.2 million seed money in October 2020.
SeamlessHR will use the money to expand its 130-strong team. It also plans to open new offices in South Africa and Kenya. It also stated that the company plans to expand its product functionality around artificial intelligence and data analytics. A new embedded finance product is currently being tested.
Insidify.com was founded in 2013 by Deji Lana and Emmanuel Okeleji as a jobs aggregator. It offers a recruitment management system that matches job seekers with employers. Later, the co-founders discovered that job websites could not address the root causes of African unemployment.
After many iterations, founders made a strategic turn and relaunched SeamlessHR in 2018. It is now an enterprise-grade, cloud based HR and payroll management SaaS. According to the company, SeamlessHR is used by hundreds companies in Nigeria, Ghana and Tunisia. These include renowned brands such as PwC and Flutterwave, Sterling Bank and TGI Group, Lagos Business School and AXA. These companies employ more than 100,000 people monthly to use SeamlessHR.
CEO Okeleji stated that “thanks to our customers we have become the leading cloud payroll and HR SaaS in Africa within such a short period of time.” “We currently service most medium- to large-sized companies [including ten Nigerian bank branches and five insurance companies] in countries that we are concentrated with Nigeria as our main market.
Okeleji also highlighted SeamlessHR’s user-friendliness, which has allowed it to take some market share from the other HR management SaaS providers like SAP and Oracle.
“Some systems can be so complicated to use that certification is required. SeamlessHR’s onboarding process is simple enough for anyone to grasp.
“This is just the beginning. Okeleji stated that we are committed to customer satisfaction and that this funding will allow us to invest in continuous optimization of customer experience across all touchpoints and adding new functionalities and features starting from Q2 2012.
Andreata Muforo, TLcom Capital partner, said about the investment: “The strong execution showed by Emmanuel and His team is a vital ingredient to build a successful company and as they expand their products and launch their solutions in new markets, we are proud to partner with them and strengthen their push for more value within Africa’s B2B sector.