Nigerian human resources technology company, PaidHR, has raised $1.8 million in a seed funding round led by Accion Venture Lab, with participation from existing investors Zrosk, Chui Ventures, and Zedcrest Capital. This new funding increases the company’s total capital to $2.9 million after previous rounds in 2022 and 2023. Founded in 2020 by Seye Bandele and Lekan Omotosho, PaidHR focuses on streamlining payroll and HR processes for businesses operating internationally. The company plans to use the funds to enhance its product offerings, expand its presence in African markets, and boost staffing, particularly in customer support. PaidHR’s platform assists businesses in managing payroll, HR data, compliance, performance, and employee benefits, featuring a cross-border payroll system that supports 49 currencies. This capability has become increasingly critical as companies look for stable currency options amid the depreciation of the naira. Since its inception, PaidHR has supported over 200 companies, half of which are African, and processed over ₦11.4 billion in salaries in 2023, with expectations to double this amount in 2024.
Has Nigeria’s PaidHR secured $1.8m to expand its HR services?
