SeamlessHR, a Nigerian-based HR-Tech startup announced it has secured $10 million in a Series A funding round to expand operations to East African countries and surrounding markets.
The funding round was led by TLcom Capital. Other participants are Capria Ventures, Lateral Capital, Enza Capital, Ingressive Capital, and some private investors.
According to the company, the secured fund will take SeamlessHR closer to achieving its vision of helping African businesses become more productive and successful through its cloud-based human resources (HR) and payroll software.
The company also intends to launch products with functionalities around Artificial Intelligence (AI) and Human Resources (HR) Data Analytics, this will strengthen the company’s position as Africa’s leading cloud HR and payroll platform.
SeamlessHR CEO, Emmanuel Okeleji said, “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 our customers even more.
Speaking on the new funding and SeamlessHR operations, Andreata Muforo, Partner at TLcom Capital said, “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 digitise workplaces and support their personnel.”
Will Poole, co-founder & 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.
“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.”
SeamlessHR was founded in 2018 by Emmanuel Okeleji (CEO) and Deji Lana (CTO), the company presently has presence in Nigeria and Kenya.
Speaking on future plans, the CEO, Emmanuel Okeleji said, “we are building software solutions to optimize HR now, but in the future, we’ll go to other areas beyond HR. And we are positioned to build a global SaaS company because SaaS products can travel the world faster than, say, fintech. We’re beating global players in our local market and while we are not distracting ourselves now, we know we can play this game globally.”
Bolt Secures $711M To Expand Transport and Food Delivery Operations, Valuation Hits $8.4 Billion
Bolt, Estonia ride-hailing startup, has secured $711 million or €628 million funds from investors to expand its transportation and food delivery operations. The new funding pushes Bolt’s valuation to $8.4 billion or €7.4 billion from over $4.5 million or €4 billion it was valued in August 2020 when it raised $679 million or €600 million in funding.
According to the company, the secured fund will be used to expand operations to new cities/countries, onboard more customers on its super app and new line businesses such as its 15 minutes grocery delivery options.
Participants of the fund round are, Sequoia Capital, Fidelity Management and Research Company LLC, Whale Rock, Owl Rock (a division of Blue Owl), D1, G Squared, Tekne, Ghisallo, and other unnamed backers investors.
Markus Villig, the founder and CEO of Bolt in an interview, said, “we are expanding all the five product lines extremely quickly, developing product R&D and rolling out in new cities”. He affirmed that all the company’s business units are growing, the ride-hailing business “is seeing double-digit growth,” and the new businesses are growing even faster.
Compared to 75 million customers reported in August, Bolt now has more than 100 million customers in over 400 cities in 49 countries subscribed to its services.
Speaking on the challenges the company faced at the advent of COVID-19, Markus said there were “short-term fluctuations” in demand, however, Bolt launched a strategy to attract and keep drivers by focusing on better commission between 10 percent and 20 percent better than competitors.
“There is a massive lack of supply on these platforms, so we have focused on taking the most partner-friendly lowest commission,” he said.
Speaking on the company’s expansion to developed countries, Markus said, “We started off in Eastern Europe and Africa because those markets had a bigger need. They had lower car ownership, higher unemployment [making for a market with many freelance drivers], It made sense. But now we’ve learned that this model works everywhere, and it’s actually easier to grow in Western Europe because they are developed markets. We found if you can make this model work in really cheap, frugal markets, then once you go to London or Stockholm, it’s materially easier. And the unit economics are definitely better because the prices are higher.”
Andrew Reed, a partner at Sequoia said, “We’re excited to deepen our partnership with Markus and Bolt to further their mission to make urban travel affordable, sustainable and safe. At Sequoia, we believe in the global potential for technology and entrepreneurship and have been inspired by Bolt’s growth from Tallinn, Estonia to over 400 cities and 100 million customers across Europe and Africa. We’re eager to help them expand their footprint, increase their product offering and improve the quality of life in cities for the long term.”
Nigerian Debt Recovery Startup, Bfree Raises 1.7M Pre-Series A Funding To Drive Growth and Expansion
Bfree, a Nigerian Debt Recovery startup that leverages ethics and technology to lead customers out of debt has secured $1.7 million in Pre-seed funding to drive growth and expand operations across Africa and other continents.
4Di Capital, Octerra Capital, VestedWorld, Voltron Capital, Logos Ventures, and other angel investors participated in the Pre-series A fund round. So far, Bfree has raised a total sum of $2.5 million in funding, this included the $800,000 raised in a seed round in May 2021.
According to the company, the unsatisfied approach on the credit collection options and constant humiliation of customers is one of the problems Bfree is solving. The company’s co-founder and CEO Julian Flosbach said, “inefficiency and lack of transparency of collections are not unique challenges to digital lenders and also not peculiar to Nigeria. We see significant use cases among other customer verticals with digital products such as commercial and microfinance banks, embedded finance solutions, like buy-now-pay-later, credit cards, and even tax payments at some point. Basically, everywhere where value is owed, our solutions can be deployed. Here, we also don’t just build a solution for Nigeria, but a solution that can be potentially used in every emerging market with a challenging infrastructure for collections”.
Bfree was founded in 2020 by Juliana Flosbach Co-founder/CEO, Chukwudi Enyi co-founder/COO, and Moses Nmor co-founder/CPO.
Following the fund raised, Bfree plans to embark on massive recruitment as it expands to new markets in Ghana, India, Uganda, Brazil, Colombia, Mexico, Russia, Poland, Pakistan, and Indonesia.
Speaking on the company’s expansion, Julian said, “We are going into markets with large populations, credit deepening and an underdeveloped regulatory environment, where a behavioral collection approach is likely to work.
“We saw that there was like a little bit of a breach in the value proposition of lenders — they are good at giving out loans, but the aftersales services of the credit market didn’t work as collections processes were inefficient and not user friendly.”
Bfree currently handles over 800,000 customers compared to 300,000 customers the company reported in May 2021.
Yohan Theatre, Bfree head of decision sciences & financial engineering said, “Lenders in the U.S. or in Europe have the opportunity to sell significant chunks of their debt portfolios to third parties. This means they only carry a portion of the risk of the loans they issue. In emerging markets, this is typically not the case. Lenders have to carry the entire credit risk on their own. A key driver for this difference lies in higher transaction costs and contractual uncertainties.
“The arrival of DeFi (decentralized finance) is a game-changer: transaction costs can be slashed while contractual certainty is increased by smart contracts. These are some of the risk-sharing instruments that we are now actively providing to lenders and borrowers”.
Atomico Close to Landing Over $1 Billion for New Start-up Fund
Sources in the industry report that Atomico, the venture capital firm based in London and set up by Skype co-founder Niklas Zennstrom, is about to announce a new start-up fund which is worth around $1.2 billion.
The investment company is close to raising what is referred to as an “early stage” fund of about $400 million, tailored to helping young start-ups. The information was provided to the CNBC by two venture capitalists, who required their identities to be concealed due to the sensitivity of the discussions.
These capitalists further mentioned that Atomico is developing a “late stage” fund of about $800 million, to support the more established start-ups that require larger amounts of capital to continue their growth. The CNBC received no response from Atomico when a request for comment was made.
The CNBC spoke to a third source, a start-up executive who also did not want to be named due to the nature of discussions. This source told the CNBC that Atomico had informed his own company that it was in the process of raising even more capital from limited partners.
Many other Venture Capitalist (VC) sources stated that they were unaware of any fundraising plans, but would not be surprised if Atomico announced a new fund anytime soon.
It however remains unclear how much more capital Atomico still needs to raise for both the early and late stage funds, and when these funds will be announced officially.
From its inception till date, Atomico – which has its headquarters in Mayfair – has raised five funds. The last fund which the company raised was worth $820 million, and was announced in February 2020.
In the past, Atomico has used its funds to support some of the world’s most valuable start-up companies. These companies include Stripe, Klarna, flying car start-up Lilium and AI (Artificial Intelligence) chip designer Graphcore.
Technology4 weeks ago
World Mobile, Altaeros Partner to Launch Aerostat Balloons to Connect the Unconnected in Africa
News3 weeks ago
Npower Payment: NASIMS Commence Npower Batch C October Payment, Removes November Payroll Status
Cryptocurrency4 weeks ago
Shiba Inu Burn Update: 351.1 Million Shiba Inu Coin Destroyed In 24 Hours
News2 weeks ago
Npower Payment: Network Instability Affected 3-Month Payment to Trainees – NASIMS
Banking Sector4 weeks ago
Stanbic IBTC Bank Records LDR of 69%
Cryptocurrency2 weeks ago
Non-fungible Tokens: Sales of NFTs Hit $25 Billion in 2021
Banking Sector4 weeks ago
FirstBank Decemberissavybe: Top 11 Events to Rock Your December
Cryptocurrency4 weeks ago
Fintech CEO: Regulators Finally See Urgency in Commonsense Rulebook for Crypto