StartupsTech

Nigeria’s SeamlessHR secures over $10 million Series A for expansion across Africa

Nigeria's SeamlessHR raises $10 million Series A to expand across Africa - Startup Lagos

Managing employees the SeamlessHR way

With businesses struggling to be on top of market demands for growth and competitive value, the processes of managing the employee lifecycle can get cumbersome. While this may be the case, companies also realize the invaluable role that their employees play and the necessity of creating a conducive work ambiance for them. As such, many companies are seeking ways of automating these processes from hiring through to exit, to make it more seamless, and less of a hindrance. Thus, SeamlessHR.

Aimed at assisting African companies to easily manage and leverage human capital on the continent, through cloud-based human resources (HR) and payroll software solutions, Seamless HR is riding the waves. In a round, led by TLCom Capital, and with participation from Capria Ventures, Lateral Frontier Ventures, Enza Capital, and Ingressive Capital, the innovative startup has raised over $10 million in Series A funding. This funding is targeted towards fuelling its next growth strides and regional expansion across Africa.

From Insidify to SeamlessHR

The company began operations in 2013 as Insidify.com, a platform for aggregating jobs, and matching employers to job seekers. Emmanuel Okeleji and ‘Deji Lana had realized that they could make an impact, however little, in mitigating the rising trends of unemployment. Four years down the line, and after a number of iterations and pivots, Insidify gave birth to SeamlessHR, in 2018. The pivot to SeamlessHR was in light of the unprofitability of the Insidify platform, as well as the lack of potential to scale significantly.

Through SeamlessHR's platform, HR management becomes seamless and easy to manage.
SeamlessHR dashboard. Source: SeamlessHR

Through its platform, users can choose either of the Core HR or Premium HR subscriptions. The first module enables easy management of information relating to its HR, leave requests and payroll issues management, as well as report and analytics on the performace of the HR. The latter enables one to enjoy the same functionalities as the Core module as well as other options as setting up disciplinary structures for staff, and exit and severance management.

Before now, the startup has raised over $150,000 in 2019, according to Weetracker, from Tofino Capital. A latter second round, led by US-based Lateral Capital, Consonance Investment Managers, Ingressive Capital and Enza Capital, saw a seven-figure investment raise for the startup.

Growing rapidly from smaller clients, the company has gathered a bulk of clients and share of the market, signing up banks and multinationals like PwC, Sterling Bank, Flutterwave, TGI Group, and AXA. Across these clients, over 100,000 employees are reported to make use of the platform. In a remark over an interview with Techcrunch, Okeleji points out,

We have the largest aggregation of medium-to-very large companies in Africa.

Growth across Africa

With its strong foothold on the African market, SeamlessHR is intent on expanding across Africa. The company has consistently maintained a growing headline revenue of 3x year-on-year, apart from the devastating COVID-outbreak year of 2020. With these funds, the company is set on branching out geographically to newer African markets.

Talking to Techcabal, Okeleji says,

If we were an American company, we’d probably be doing 6x growth for the efforts we put in because the economy is bigger and we’d have a lot more customers and can charge higher prices.

With its HR and payroll solution, SeamlessHR has huge opportunities to grow within the African market. Many organiations areexploring ways of digitizing and optimizing their cloud computing soltuions, especially in the area of Human Resources Management. In a diverse economy like Nigeria’s, there is a general difficulty of getting the best talent, as well as ensuring that employees are managed effectively.

With these funds, the startup hopes to increase its penetration of the African market, and strengthen its presence in existing markets.

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