Nigerian HR-tech startup, PaidHR, has announced the successful close of a $1.8 million seed round, led by Accion Venture Lab with participation from existing investors Zrosk, Chui Ventures, and Zedcrest Capital.
The funding is a major milestone for the startup, as it works to make payroll and HR management easier for businesses across Africa.
PaidHR CEO Seye Bandele said the new funding will help the company grow its HR solutions across Africa, expand its client base, and better support businesses in scaling across borders
“We are building HR management for the African context, and this funding allows us to scale our vision, expand our reach, and deliver even more value to our clients. With the support of Accion Venture Lab and our returning investors, we are well-positioned to help businesses grow and scale more effectively across borders,” he said
The company described the funding as a vote of confidence in its mission at a time when the global economic landscape remains uncertain.
“We are humbled by the unwavering belief our investors have in our mission, especially in a time when the global economic landscape can feel uncertain. This investment is a resounding vote of confidence in the future of African businesses and in our commitment to empowering them,” they said
Processed over $18 million in salaries
In 2024 alone, PaidHR processed over $18 million (N29 billion) in salaries and onboarded over 20,000 employees onto its platform. The company says it has earned the trust of key businesses in logistics, retail, manufacturing, banking, and other key sectors.
“We’ve been quietly working, innovating, and growing. In 2024 alone, we proudly processed over $18 million (N29 billion) in salaries! We’ve onboarded more than 20,000 total employees onto our platform, building trust with the sensitive workforce data and payroll processes of our clients,” they said.
PaidHR previously raised $500,000 in pre-seed funding in 2022, bringing its total external funding to $2.3 million to date.
Plans for expansion
With the new seed funding, PaidHR plans to accelerate product development, hire more team members, and increase its footprint across Africa’s enterprise and SME sectors.
The company also aims to introduce new features focused on employee financial wellness, compliance automation, and advanced HR analytics.
According to the company, the funds will support the following objectives
- Accelerating product development to provide more intuitive HR tools
- Expanding team capacity to enhance customer support
- Broadening geographical reach across Africa
- Innovating around employee financial well-being and HR insights
