NIGERIA – SeamlessHR, a startup which provides payroll and HR software-as-a-service (SaaS) solutions for medium to large-sized companies in several African countries, has closed a new US$10 million Series A round to accelerate its next phase of growth and fund its international expansion.
The funding round was led by TLcom Capital and also featuring Capria Ventures as well as existing investors Lateral Frontier Ventures, Enza Capital and Ingressive Capital, and several strategic private investors.
This new capital will be used to further strengthen SeamlessHR’s position as Africa’s leading cloud HR and payroll platform. It will provide means to grow the team, fuelling expansion across the continent to Southern and East Africa, with South Africa and Kenya as operation hubs respectively.
“Thanks to our customers, we have become the leading cloud HR and payroll SaaS in Africa in such a short time. But this is only the beginning,” said Dr Emmanuel Okeleji, SeamlessHR’s co-founder and CEO.
“We are fanatical about 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 to empower enterprises as they continue their incredible growth.”
The company will also add new product functionalities around artificial intelligence and HR data analytics. Leveraging its rich HR and payroll data, SeamlessHR will also be launching new embedded finance products that will improve the lives of working people in Africa.
Andreata Muforo, partner at TLcom Capital, said SeamlessHR had consistently demonstrated its ability to deliver a robust HR and payroll platform for African businesses.
“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,” she said.
“At TLcom, we believe SeamlessHR can be the preferred platform for businesses to digitize workplaces and support their personnel.”
Launched in 2018, SeamlessHR has developed robust, cloud-based, end-to-end HR software that helps businesses anywhere manage their entire human resource processes “from hire to retire”.
Its enterprise-grade solution caters to a diverse range of companies, ranging from SMEs with fewer than 100 employees to large enterprises with over 10,000.
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.