SeamlessHR, a Nigerian startup that provides payroll and human resources software-as-a-service (SaaS) solutions, has raised a $10 million Series A round of funding.
SeamlessHR intends to utilize the funds to expand its 130-strong workforce as it prepares for a pan-African expansion, with new offices in South Africa and Kenya being considered. In addition to a new embedded financial product that is now being piloted, the firm wants to introduce additional product functionalities around artificial intelligence and HR data analytics, according to the company.
TLcom Capital led the round, which included existing investors such as Lateral Capital and Enza Capital. Capria, Ingressive Capital, and a number of strategic private investors are among the other investors in this round. SeamlessHR has already raised $12.2 million, up from $2.2 million in early funding in October 2020.
The founders made a strategic move after multiple revisions, relaunching in 2018 as an enterprise-grade, cloud-based HR and payroll management SaaS. According to the firm, SeamlessHR is utilized by hundreds of companies in Nigeria, Ghana, and Tunisia, including well-known names such as PwC, Flutterwave, Sterling Bank, TGI Group, Lagos Business School, AXA, and Chapel Hill Denham. SeamlessHR is used by over 100,000 employees from these companies on a monthly basis.
The cloud platform from SeamlessHR provides these companies and their employees with the cutting-edge capabilities they need to stay ahead of the continuously shifting HR management curve.
“Thanks to our customers, we have become the leading cloud HR and Payroll SaaS in Africa in such a short time,” CEO Okeleji said. “We currently serve most of the medium to large-sized businesses [including ten Nigerian banks and five insurance companies] in countries where we’re concentrated, with Nigeria being our focus market.”
Okeleji also pointed out the user-friendliness of SeamlessHR, which has enabled it to capture some market share from other HR management SaaS providers, particularly foreign players Oracle and SAP.
“Some systems are so complex to use that you need to be certified. For SeamlessHR, it’s user-friendly enough to understand with just one training during the onboarding.
“This is only the beginning. We are committed to customer success and this funding will enable us to invest in the continuous optimisation of customer experience across all touchpoints, adding new features and functionalities starting from Q2 this year,” Okeleji said.
TLcom Capital partner Andreata Muforo said of the investment, “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.”