TLcom Capital Leads $10M Series A Round In Nigerian HR And Payroll Startup SeamlessHR
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.
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.
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