SeamlessHR raises $10m Series A funding round led by TLcom Capital.
This comes after securing a pre-seed investment of $150,000 in March of 2019, and another undisclosed seed in November 2020 from Lateral, Consonance, Ingressive, and Enza Capital.
Nigeria based SeamlessHR is SaaS (software-as-a-service) startup focused on Payroll & HR services.
SeamlessHR current crop of investors (new and existing) include TLcom Capital, Consonance Capria Ventures, Lateral Capital, Enza Capital, Ingressive Capital.
With this new funding, SeamlessHR plans to launch an embedded finance product while exploring new product features around AI and data analytics in the HR & Payroll space as the startup ramps up its plan to improve the lives of working men and women in the black continent.
For SeamlessHR their newly raised funding powered by TLcom reinstates the belief and significance of the company’s growth and success that former investors like Capria, Lateral Capital, Enza And Ingressive Capital have.
Andreata Muforo, a Partner at TLcom Capital said
“SeamlessHR has consistently demonstrated its ability to deliver a robust HR and payroll platform for Africa’s medium and large businesses”.
He also mentioned
” 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”.
SeamlessHR started as Insidify.com in 2013. Insidify was a jobs aggregator and professional matching site alongside a recruitment management system that matched employers to job seekers.
However, in 2018, founders Emmanuel Okeleji and Deji Lana decided to pivot the startup and relaunched it as SeamlessHR.
A startup that provided cloud-based HR and payroll management SaaS solutions.
Large-sized African companies are adopting SeamlessHR because it is the only enterprise-grade HR and payroll SaaS company in Africa that fully manages the entire hiring lifecycle on a single platform.
Some of SeamlessHR’s clients include PwC, Flutterwave, Sterling Bank, TGI Group, Lagos Business School, AXA, and Chapel Hill Denham.
Emmanuel Okeleji of SeamlessHR stated that
“in Africa, the innovation that allows people to access credit from their jobs doesn’t happen. And an HR payroll software is well-positioned to lead that innovation because we use finance, technology and HR to help people convert their employment into collateral to access safe credit”.
Emmanuel also said
“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 our customers even more”
Africa’s Payroll & HR management market has seen new players like YC-backed Workpay, Wamly and Bento enter the fray as there’s a growing need on the continent to help businesses with recruitment, salary payments, taxes and pension. However, SeamlessHR seems to be the dominating player in this industry for now.
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