SeamlessHR, a prominent human resources (HR) and payroll technology company in Africa, has raised $10 million in Series A funding.
The funding round led by TLcom Capital, also received major contributions from global VC firm, Capria Ventures, existing investors, Lateral Frontier Ventures, Enza Capital, and Ingressive Capital, as well as 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.
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.
The endorsements of TLcom and Capria Ventures and the follow-on investments by Lateral Frontier Ventures, Enza Capital, and Ingressive Capital is significant for SeamlessHR, as it reflects the huge market opportunity, and the company’s potential to remain the leading HR SaaS company in the continent.
“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. We are fanatical about customer success and this funding will enable us to invest in the continuous optimization of customer experience across all touchpoints, adding new features and functionalities to empower enterprises as they continue their incredible growth,” says Dr Emmanuel Okeleji, SeamlessHR’s co-founder and CEO.
Founded in 2018 by Emmanuel Okeleji and Deji Lana, SeamlessHR deploys world-class cloud technology solutions to manage and streamline HR data and workflow end to end. Their solution automates HR processes and is the only enterprise-grade HR/Payroll SaaS designed in Africa to meet African enterprises’ demanding requirements to manage the entire HR lifecycle from hire to retire.
SeamlessHR’s product suite includes a Core HR Management system, Performance and Competency Management, HR Analytics, Leave Management, Payroll Management, and Recruitment Management.
The company caters to hundreds of companies, and its client base cuts across multiple sectors in Africa, including renowned brands like PwC, Flutterwave, Sterling Bank, TGI Group, Lagos Business School, AXA, and Chapel Hill Denham. SeamlessHR’s cloud platform equips these clients and their people with the cutting-edge tools required to remain ahead of the rapidly changing HR management curve.
Andreata Muforo, partner at TLcom Capital, says “Over the last few years, SeamlessHR has consistently demonstrated its ability to deliver a robust HR and payroll platform for Africa’s medium and large 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. At TLcom, we believe SeamlessHR can be the preferred platform for businesses to digitize workplaces and support their personnel.”
As e-connectivity and bandwidth capacity increase on the continent, there is a large appetite for efficient cloud computing solutions, and businesses are increasingly able to leverage cloud technologies to drive business transformation.
The continent’s growing cloud computing industry reflects this opportunity – cloud computing in the Middle East and Africa is expected to grow from its current estimated market size of $14.2billion in 2021 to $31.4billion in 2026. SeamlessHR’s mission is to help African businesses leverage the continent’s greatest asset – its abundant human capital – with their cloud HR & Payroll software.
Will Poole, managing partner at Capria, said “SeamlessHR is addressing the needs of African enterprises in ways that the global giants can’t compete with by building customer-centric SaaS designed from the ground-up to address complexity unique to the continent”.
He added, “Now that they’ve proven they can address the needs of disparate countries across Africa, we are confident that they will be the solution provider of choice to support their customers that are expanding globally.”
The company understands its position as a catalyst for business growth on the continent and remains committed to helping companies optimize their human capital through relentless innovation.