SeamlessHR has raised US$10-million in equity funding from investors led by TLcom Capital. The technology start-up company focuses on human resource administration which assists with African business productivity. The startup was established in 2018 by Emmanuel Okeleji and Deji Lana and has been expanding its reach in Nigeria and Ghana. Growth will be supported by extending its functionalities into AI and HR data analytics. The stake acquired by investors was not disclosed.
TLcom Capital is a venture capital fund that began it operations in London two decades ago with over US$300-million in assets under management and tech investments in Europe, Israel and the US. The TLcom team has invested heavily in Africa and opened offices in Nairobi and Lagos. Investors include African Development Bank, the European Investment Bank and FBN Capital among others. The firm invests in Nigeria, Kenya, Ghana, Ethiopia, Rwanda and Zambia in sectors such as agribusiness, financial services, energy, education and healthcare. The funds typically target a net IRR of 16% to limited partners.