The startup, which offers digital human resource solutions to African companies, said they would use the investment to expand their business in East Africa, eyeing entry into Uganda, Tanzania and DRC.
The firm offers an all-in-one cloud platform that allows Small and Medium Enterprises (SMEs) in Africa to automate their HR processes. The platform is accessible over the internet and helps to automate payroll, off days, employee data, tasks, inventory, training and appraisals expenses among others.
“As FaidiHR, we are excited about this round of investment. We intend to use these funds to grow the business even as we continue to focus on our main clientele – small and medium entreprises (SMEs),” he said.
“So far we have had the chance to validate our business with millions in annual turnover with thousands of employees’ salaries being processed by our platform.”
Muchemi said the company’s mission is to help businesses in Africa focus more on people by increasing employee onboarding experience, retention, engagement and the general employee welfare.
“In the course of the next few months we will be launching features that will focus more on the employee to add more value so that they can be more productive,” he said.
“An example is a payroll lending feature we are working on together with one of our clients that will allow employee access to instant mobile loans based on their repayment capabilities. This will be possible because we have real-time data that can score employees.”
The CEO said the name change is the culmination of a need to let the brand speak for itself.
“In the spirit of rebranding, we will continue to commit to our customers and provide the same, or better, level of professionalism you have experienced and we’d like to take the opportunity to thank our loyal customers and business partners for your trust and friendship in business,” he added.
Muchemi said the company which was founded in 2018 has been on a growth trajectory as CEOs across the board have experienced and can bet on the efficiency they bring to their businesses.
“This change in name marks the start of a new era. It is part of our growth plan to ensure we stay true to our mission, ‘People First Then Processes’,” the CEO said.
“The founders, Peter & Mike, have deeper understanding and a strong product road map to serve the growing needs of small, medium and large companies in Kenya,” he said.