SeamlessHR gets Series A; Kenya’s Mr Green Africa, Nigeria’s Pivo bag funding

 SeamlessHR gets Series A; Kenya’s Mr Green Africa, Nigeria’s Pivo bag funding

SeamlessHR, a Nigerian HR-tech platform, has raised $10 million in a Series A funding round, just about a year after announcing a seed round.

The funding round was led by TLcom Capital, with contribution from Capria Ventures. Existing backers Lateral Capital, Enza Capital, Ingressive Capital and some private investors made follow-on investments.

SeamlessHR was founded in 2018 by Emmanuel Okeleji (CEO) and Deji Lana (CTO). Its cloud platform helps organisations manage HR processes such as performance, leave, payroll and recruitment management. Its client list includes PwC, Flutterwave, Sterling Bank, TGI Group, Lagos Business School, AXA, and Chapel Hill Denham.

The firm said the funding will help it expand reach and presence to Southern and East Africa. It will also launch a new embedded finance product besides new product functionalities around AI and HR data analytics.

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.”

Mr Green Africa

Kenyan plastic recycling startup Mr Green Africa has raised an undisclosed amount in a Series B round to accelerate regional growth.

The funding came from American material science firm Dow; Minderoo; Swiss impact investor AlphaMundi Group’s AlphaJiri Investment Fund; the BESTSELLER Foundation; Dutch family-backed impact investor DOB Equity and Global Innovation Fund.

The company said the fresh funding strengthens its position in the continental plastics recycling market. This also allows it to scale its business model, improve supply chain, and grow its production plant to process up to 20,000 metric tonnes of plastic waste in the East Africa region.

Pivo

Pivo, a Nigerian credit-focused financial services company chasing SMEs in the supply chain space, has raised an undisclosed amount from VC firm Microtraction.

Founded by Nkiru Amadi-Emina (CEO) and Ijeoma Jacquelyn Akwiwu (COO), Pivo offers suppliers what it believes is a more efficient way to access financial services.

With Pivo Capital, the company’s flagship product, clients can access working capital loans of up to $50,000 to help scale their business. Pivo Capital also provides trade financing.

By the end of March, Pivo expects to launch its Finance product in beta mode. With this feature, users on Pivo will be able to open and operate a corporate bank account that is tailored to their business.

Pivo is seeking to cater to the 20 million small and medium enterprises (SMEs) in the supply chain/logistics industry.

Microtraction said that, as at the time of its investment, Pivo had onboarded 100 active customers and processed more than $100,000 in loan applications. Since then, these numbers have more than doubled.

It added: “In the future, Pivo’s solution could become a distinct asset class for high-net-worth individuals looking to diversify their investment portfolio. Pivo focuses on a B2B strategy and financiers could directly connect with specific users, covering the supplier’s financial requests end-to-end.”

Tawfeer Market

Egyptian online grocery startup Tawfeer Market has raised $500,000 in a seed round with contributions from Alexandria Business Angels Network. The angel group had also participated in a pre-seed round of the firm in 2019.

Tawfeer Market is led by co-founder Ahmad Fasseeh. The online grocery retail startup operates from Alexandria, Egypt’s second most populous city.

Vivek Sinha

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