The fund is targeting a final close of $75 million.

The close saw 70% of Limited Partner (LP) interest from the VC’s first institutional fund, a strong testament to the firm’s track record and strategy.

New and returning investors include the first-of-its-kind participation from the Nigeria Investment in Digital and Creative Enterprises (iDICE) program, a bold initiative aimed at positioning Nigeria as a global hub for digital innovation and creative excellence, alongside, International Finance Corporation (IFC), a member of the World Bank Group, Standard Bank (South Africa), British International Investment(BII), the UK’s development finance institution and impact investor, Proparco through its EU-backed Choose Africa VC program, Micro, Small & Medium Enterprises Development Agency (MSMEDA) and AfricaGrow.

The fund also attracted strong participation from leading European family offices, including Alder Tree Investment, as well as a consortium of prominent global investors including  Michael Seibel.

Ventures Platform’s PAF II will strategically deepen its investment scope across Africa. In addition to its foundational pre-seed and seed rounds, the fund will now lead and catalyse Series A investments, effectively de-risking high-potential ventures and enhancing value creation.

Simultaneously, it will consolidate the firm’s activities in Francophone Africa and accelerate pan-African expansion into North Africa, while doubling down on its core operations in Nigeria and broader Africa.

The fund will prioritise ventures building essential “painkiller” solutions that solve for non-consumption and plug infrastructural gaps in Fintech, Healthtech, Agritech, Edtech, AI, amongst other sectors.

Speaking on the close, Kola Aina, Founding Partner at Ventures Platform, said,

“The backing we’ve received from a diverse group of blue-chip partners is a powerful endorsement of Africa’s place as the purest, most asymmetric source for non-consensus alpha and transformative impact. The continent’s innovation opportunity is boundless, the needs are immense, but realising its full impact demands smart contextual capital, post-investment value creation, and a commitment to de-risking groundbreaking market-creating innovations. With VP PAF II, we are broadening our reach and deepening our focus on discovering and empowering innovators that will solve chronic non-consumption across the continent.

He continues,

“We believe Africa’s challenges are its greatest opportunities. By supporting resilient founders, we’re catalysing sustainable, market-creating innovations that will shape the future of the continent and plug gaps for the next billion. As we expand our footprint, our focus remains clear: to identify and back ventures that are building market-creating innovations that solve for non-consumption and drive economic evolution”.

Since its inception in 2016, Ventures Platform has established a robust track record, discovering and funding over 90 startups, including some of the most successful on the continent, across multiple tech verticals.

This success is underscored by the strong performance of its 1st institutional fund, which closed in December 2022, and the firm’s impressive return of 4 out of 6 vintages to date.

Further demonstrating its value-creation proposition, Ventures Platform has achieved a high graduation rate from Seed to Series A and beyond, with notable examples of investees including Raenest, Remedial, and SeamlessHR, as well as LemFi and Moniepoint, which have successfully raised Series B and C funding, respectively.

Over the years, the firm’s success has remained rooted in its deep local expertise, robust platform (portfolio success) practice, and data-driven approach to investment decisions and supporting founders.

As a team of expert ex-operators and founders, the Ventures Platform team understands the nuances of the African market and is committed to building long-term partnerships that drive transformative impact. Its ability to efficiently evaluate deals, deploy resources, and scale its portfolio companies has solidified its reputation as the investor of choice in the ecosystem.

The confidence shown by its diverse LP base and a unique investment from institutions like iDice highlights the Venture platform’s commitment to empowering entrepreneurs who are driving Africa’s economic future and establishing the continent as a global innovation leader.

Dr Olasupo Olusi – MD/CEO of Bank of Industry said,

“As the implementing agency of the iDICE (Investment In Digital and Creative Enterprises) Programme, Bank of Industry is proud to be associated with Ventures Platform – the programme’s Technology Fund Manager on this milestone achievement. By investing in Ventures Platform’s Fund II, which serves as iDICE’s Technology Equity Fund for Nigerian startups, we are deepening the Federal Government’s objective of upscaling the Nigerian technology and creative sectors by catalyzing strategic investments in high-growth, technology-enabled enterprises and the innovation ecosystem. Thereby contributing meaningfully to the nation’s broader economic transformation agenda, with a goal to create jobs at scale, but also empower high-growth entrepreneurs across the country.”

Also speaking, Nimalan Reddy, executive vice president, Investment Banking/Equity Investments at Standard Bank South Africa, said

“Standard Bank is proud to continue our partnership with Ventures Platform into Fund II. This is a testament to the quality and strength of the Ventures Platform team and our commitment to supporting high impact entrepreneurs across Africa.”

“We are proud to renew our support to Ventures Platform with their new fund”, said Françoise Lombard, CEO of Proparco. “As our first fund investment under the EU-backed Choose Africa VC program, it underscores our confidence in the team and our continued commitment to backing the tech ecosystem in Nigeria and across Africa”.

Farid Fezoua, IFC Global Director for Disruptive Technologies, Services and Funds, said:

“Emerging markets are home to a new generation of founders building practical, scalable solutions to pressing development challenges. IFC’s investment in Ventures Platform Fund II will help early-stage startups move from proof-of-concept to growth, accelerating innovation in sectors like fintech, healthtech, edtech, and agtech, while also strengthening local value chains and creating quality jobs. By channeling venture capital into Africa’s tech ecosystem, we’re unlocking the potential of entrepreneurs to drive resilient growth and expand opportunities for small businesses and young people across the continent.”

Ventures Platform has consistently backed category-leading companies, with OmniRetail, Thrive Agric, and Moniepoint (Africa’s newest unicorn) all recognised among the Financial Times’ 2024 list of Africa’s 25 fastest-growing companies, with OmniRetail securing the top position.

Similarly, Piggyvest and Moniepoint have earned international acclaim, ranking among CNBC’s top 250 fintech companies and top 20 financial planning firms, while Remedial Health was named to Time’s 2025 list of the World’s Top Health Companies, highlighting Ventures Platform’s track record in nurturing high-impact innovators.

With VP PAF II, the VC is positioned to further empower Africa’s most promising innovators, driving sustainable economic evolution and solidifying the continent’s position as a global leader in innovation while delivering on its mission of democratising prosperity.

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Held on Wednesday, 20 August 2025, at the Radisson Blu, Ikeja, Lagos, the AGM convened leading manufacturers, policymakers, and stakeholders across the country to discuss industrial competitiveness, policy reforms, and the role of technology in driving productivity.

This year’s edition emphasised innovation, efficiency, and sustainable practices as critical levers for strengthening Nigeria’s manufacturing sector and accelerating the nation’s economic growth.

Highlighting the importance of technology and commending SeamlessHR’s role in the sector, Femi Gbadegun, assistant director, Manufacturers Association of Nigeria and Executive Secretary, MAN Ikeja Branch, said, 

“Manufacturing remains the engine of growth for any economy, and no nation can achieve true development without industrial advancement. Technology plays a pivotal role in this journey and with companies like SeamlessHR, we see innovation being applied to workforce management, moving HR away from manual processes to technology-driven solutions. This is a step in the right direction for the growth of manufacturing and the broader economy.”

As a trusted technology partner to businesses across Africa, SeamlessHR showcased the critical role of digital transformation in boosting workforce productivity.

The company’s solutions, spanning human resource management, payroll, performance management, embedded finance, among others enable manufacturers to optimise their workforce and focus resources on core industrial activities.

Highlighting SeamlessHR’s commitment, Chidi Orji, director of Sales, remarked,

“We are proud to have built a technology product used across 20 countries and trusted by over 2,000 companies spanning multiple industries, including manufacturing. Beyond HR and payroll management, we have developed solutions tailored specifically for blue-collar workers, whose productivity is critical to business success, yet often overlooked. We are here because we want to partner with organisations, understand their unique workforce challenges and provide innovative tools that help them manage, support, and empower their people more effectively.”

This collaboration with MAN reflects SeamlessHR’s broader vision of strengthening industries that form the backbone of the Nigerian economy. With manufacturing playing a pivotal role in employment and national output, the company emphasised that digitisation and workforce optimisation are now essential for long-term competitiveness.

Beyond Nigeria, SeamlessHR has also partnered with the Kenya Association of Manufacturers (KAM), underscoring its ambition to support the manufacturing sector across Africa.

By collaborating with leading associations such as MAN and KAM, SeamlessHR reinforces its role as a strategic ally to the continent’s industrial sector, helping businesses drive modernisation, efficiency, and sustainable growth.

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Despite an impressive annual growth rate of 12.56 per cent, the sector is weighed down by financial inefficiencies.

Thin margins, inconsistent client payments, and outdated payroll systems have created conditions where salary delays are frequent and talent attrition is on the rise.

Across the industry, many workers now view delayed wage disbursements as normal, with employees often waiting weeks or even months to be paid. For outsourcing firms, the consequences extend beyond cash flow.

Delayed salaries damage brand perception, undermine operational efficiency, and threaten long-term growth. The urgency for innovation in payroll and financial operations has never been greater.

In response, SeamlessHR, Africa’s leading human resource and payroll technology company, in partnership with the Association of Outsourcing Professionals of Nigeria (AOPN), convened over 30 CEOs and managing directors from Nigeria’s top outsourcing firms on Thursday, April 30, 2025.

Hosted at Four Points by Sheraton, Victoria Island, the high-level roundtable focused on transforming financial operations across the sector.

Themed “Enhance Business Efficiency Through Automation and Immersive Workflows,” the session spotlighted how intelligent financial infrastructure, fully integrated within HR and payroll systems, can drive business continuity, and improve employee satisfaction.

Key industry leaders in attendance included David Asama Dogeni, senior vice-president of Technology, UAC Group; Adebola David, Group Head, Human Capital at Halogen; Victor Adebayo, Chief Executive Officer, Diversity Talent Management Ltd; and Oke Egbi, Director, Embedded Finance, SeamlessHR. Also present were leading outsourcing firms such as Resource Intermediaries Ltd, Phillips Outsourcing Ltd, Workforce Group Ltd, Tribest Corporate Support Ltd, HR Indexx Ltd, among others. Together, they explored how the convergence of financial technology and workforce automation is emerging as a critical advantage for progressive businesses navigating economic uncertainty.

Speaking at the event, Mope Abudu, the president, Association of Outsourcing Professionals of Nigeria (AOPN), said,

“This roundtable addresses a critical challenge in our industry. As key contributors to Nigeria’s economy, we cannot afford to be left behind in the wave of digital transformation shaping the future of work. The outsourcing sector must lead in efficiency and  innovation, and the integration of intelligent systems that support workforce management. Today’s theme speaks directly to that need. By exploring solutions like embedded finance, we open new opportunities to enhance value delivery and improve operational efficiency across our industry. I extend my gratitude to SeamlessHR for bringing this event to life.”

A key focus of the discussion was the transformative impact of SeamlessHR’s Embedded FInance for employers and employees.

SeamlessHR’s solution enables workers to access earned wages on-demand, bypassing the traditional pay cycle. Through seamless integration with payroll systems, employees can withdraw accrued earnings in real-time to address emergencies or manage cash flow gaps.

Additionally, low-interest salary advances and built-in financial tools empower staff to avoid exploitative lenders and plan their finances with confidence.

For employers, the benefits are equally compelling. The solution provides up to ₦1 billion in payroll credit while offering bulk disbursement capabilities, enabling seamless salary payments for entire workforces at once.

Tailored to Nigeria’s outsourcing realities, It eliminates reliance on external loans and equips companies with real-time access to funds, making salary payments faster, more efficient, and more transparent

This financial infrastructure not only stabilizes businesses but restores worker trust, a critical factor in an industry where talent retention is of great importance.

“Outsourcing companies face daily liquidity issues, irregular cash flow, and growing payroll obligations,” said Oke Egbi, director, Embedded Finance, SeamlessHR. “SeamlessHR’s Embedded Finance closes that gap by integrating capital into the payroll system to ensure people get paid on time, operations run seamlessly, and CEOs sleep better at night. When employees no longer stress about delayed salaries, their engagement and output improves dramatically. ”

The partnership between SeamlessHR and AOPN signals a shared commitment to transforming Nigeria’s outsourcing sector through smarter, more efficient financial systems.

By combining SeamlessHR’s embedded finance solution with AOPN’s industry reach, the collaboration delivers a scalable model that boosts competitiveness, simplifies workforce operations, and supports sustainable growth.

The post SeamlessHR: Nigeria’s Outsourcing Industry to Surpass $1.8bn by 2028 appeared first on Tech | Business | Economy.

The new investment will drive the HR-Tech company’s plan to expand its reach across Africa, enhancing workforce productivity, and accelerating business performance through innovative solutions including Embedded Finance offerings, and AI-driven workforce management technology.

The investment comes on the back of an impressive run of five years with SeamlessHR’s eponymous software being used by nearly 2000 businesses to manage HR and Payroll processes for about 300,000 employees across 20 African countries.

Commenting on the announcement, Dr. Emmanuel Okeleji, SeamlessHR’s co-founder and chief executive officer, shared his excitement about the round of funding and the pivotal role SeamlessHR is playing in directly tackling productivity amongst Africa’s workforce and improving the quality of life of Africa’s hardworking people.

“I am really excited about our journey. Over the last 5 years, we have expanded across the continent to become the dominant HR and Payroll Software for medium to large enterprises in Africa. While we continue to accelerate our work to optimize workforce productivity in both the public and private sectors across the continent, much of our attention will also be on empowering hardworking Africans with responsible credit products that will help them use their employment as collateral to enjoy a better life. The impact of recent global disruptions like the pandemic and various conflicts around the world and its resultant effect on economic indices such as inflation, exchange rates, and food supply has unfortunately affected the most vulnerable working Africans, leading to worsening poverty.  

“We are confident that our suite of embedded finance products will contribute to alleviating these problems at scale for our people so that working Africans like people in other parts of the world will be able to leverage responsible credit to gain better access to basic life needs like shelter, mobility, food, and education. And who better to walk this road with than the good folks at the Gates Foundation and Helios and our very supportive earlier investors, who share our passion for the continent.

Fope Adelowo, managing partner at Helios Digital Ventures, commented:

“We believe technology is the key to unlocking Africa’s immense potential as a global economic force. SeamlessHR is not only pioneering the digitisation of workforce management but also empowering businesses and employees with transformative solutions such as embedded finance. By providing salary assurance and enhanced wage access, they are breaking down barriers to financial inclusion across the continent. We are pleased to partner with SeamlessHR on this exciting journey and look forward to accelerating their impact across Africa in its next phase of growth.”

Uche Amaonwu, Nigeria country director of the Gates Foundation, added: “The Gates Foundation is excited about the potential for SeamlessHR to enable access to critical financial services for millions of hard-working, formally employed Africans. This is particularly relevant in Nigeria for workers to potentially mitigate the increasing cost of living.

This announcement comes months after SeamlessHR announced the launch of new embedded finance products that enable employers and employees access critical financing solutions, including payroll financing, to fuel their growth and business performance.

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The program is designed to tackle inequality and exclusion in society by providing quality training in technology for young people, including people living with disabilities and those from lower-income backgrounds.

“The uniqueness of ‘Codeable’ is the provision of unified technology training that allows people with and without intellectual disabilities equal access to skills that enable self and economic empowerment,” says Naomi Ejobe, National Director, Special Olympics Nigeria.

Ïor a minimum of three months, both organisations, in collaboration, will help participants acquire basic proficiency in programming, quality assurance, and product management, alongside soft skills to boost their employability and readiness for the workforce.

Codeable will launch on Ğuly 14, 2022, with a pioneer cohort of 26 youths. Within the next three years, the Codeable initiative plans to run two annual cohorts with the aim of training at least 150 youth with and without intellectual disabilities who would typically be excluded from accessing quality technology education.

In addition, Codeable will also o½er participants the opportunities for internship placements at SeamlessHR and various other companies that join the partnership for future programs.

“The participants will earn valuable and relevant skills in demand, improving their chances of finding meaningful employment in technology sectors and beyond,” says Adetoun Akinsunmi, who leads the Codeable initiative.

“As a technology company, we understand the importance of tech skills in the labour market,” comments SeamlessHR’s CEO, Emmanuel Okeleji. “Codeable helps us give back to society in a significant way-so the project is very dear to us.”

With technology fast becoming a pillar of society and everyday life, tech skills are essential for anyone looking to earn a living, be relevant in society, and even participate actively in economic activities. About one in six people worldwide live with a disability.

This segment of the population also faces economic exclusion, and are 50% less likely to get jobs. Therefore, they must be provided unique opportunities and training that improves their chances of securing job opportunities.

Without carrying along this disadvantaged section of the population, society will be limiting the contribution of over a billion people to the world’s development.

The International Labour Organisation states that excluding people with disabilities from the workforce can lead to a loss in CDP of up to 7%.

Similarly, as many as 4 in 10 Nigerians live below the national poverty line, and ironically, technology has also been highlighted as a vital tool in fighting poverty.

Thus, Codeable is being launched to demonstrate the importance of inclusion and its potential to create a better society.

The post SeamlessHR and Special Olympics Nigeria to Equip Youths with Tech Skills via ‘Codeable’ Initiative appeared first on Tech | Business | Economy.

This call is a strategic measure to combat the adverse effects of forex volatility and reduce the strain on the demand for foreign exchange in Nigeria.

According to Okeleji,

“With the unpredictable nature of the forex markets, it is imperative for organizations to start looking for how to explore innovative and cost-efficient solutions in their operations. Investing in local SaaS tools offers a more sustainable alternative, allowing businesses to mitigate the impact of forex volatility on their bottom line”.

Okeleji’s comments come in the wake of the Central Bank of Nigeria’s (CBN) recent decision to raise the Monetary Policy Rate (MPR), the benchmark for the interest rate in the country to an all-time high of 22.75% in its first MPC meeting of 2024.

Additionally, the apex bank increased the cash reserve ratio (CRR) to 45% and the  Liquidity Ratio retained at 30%.

These measures are expected to have far-reaching implications, one of which is higher borrowing costs for businesses, which is detrimental to many organizations.

Positioning the adoption of local SaaS as a pivotal strategy, Okeleji underscored the importance of operational efficiency in navigating the complex economic landscape.

“In 2024, the keywords for businesses are Operational Efficiency and Cost Control. How we can improve the quality of our services while reducing our operational costs. Any business that does not approach its operations with this mentality will be vulnerable to the unpredictability of the market,” he said.

SeamlessHR, under Okeleji’s leadership, has been at the forefront of advocating for technological innovation and efficiency in the African business landscape.

The company recently announced the successful processing of a staggering  ₦500bn worth of payroll for various African businesses throughout the year 2023.

More about SeamlessHR

• SeamlessHR is Africa’s leading payroll and HR technology company, focused on helping businesses manage their entire HR and Payroll lifecycle from hire to retirement, with cutting-edge technology solutions.
• With nearly 1,000 medium to large enterprises across over 20 countries, the company has offices in Nigeria, Ghana, and Kenya and recently commenced operations in Botswana.
• The company recently raised $ 10 million in a Series A round of funding to double down on its impressive pan-African expansion and build a new embedded finance product.

The post Leveraging Local SaaS is a Solution to Forex Volatility, says SeamlessHR CEO appeared first on Tech | Business | Economy.

The funding round led by TLcom Capital, also received major contributions from global VC firm, Capria Ventures, existing investors, Lateral Frontier Ventures, Enza Capital, and Ingressive Capital, as well as several strategic private investors.

This new capital will be used to further strengthen SeamlessHR’s position as Africa’s leading cloud HR and payroll platform. It will provide means to grow the team, fuelling expansion across the continent to Southern and East Africa, with South Africa and Kenya as operation hubs respectively. 

The company will also add new product functionalities around artificial intelligence and HR data analytics. Leveraging its rich HR and Payroll data, SeamlessHR will also be launching new embedded finance products that will improve the lives of working people in Africa.

The endorsements of TLcom and Capria Ventures and the follow-on investments by Lateral Frontier Ventures, Enza Capital, and Ingressive Capital is significant for SeamlessHR, as it reflects the huge market opportunity, and the company’s potential to remain the leading HR SaaS company in the continent.

“Thanks to our customers, we have become the leading cloud HR and Payroll SaaS in Africa in such a short time. But this is only the beginning. We are fanatical about customer success and this funding will enable us to invest in the continuous optimization of customer experience across all touchpoints, adding new features and functionalities to empower enterprises as they continue their incredible growth,” says Dr Emmanuel Okeleji, SeamlessHR’s co-founder and CEO.

Founded in 2018 by Emmanuel Okeleji and Deji Lana, SeamlessHR deploys world-class cloud technology solutions to manage and streamline HR data and workflow end to end. Their solution automates HR processes and is the only enterprise-grade HR/Payroll SaaS designed in Africa to meet African enterprises’ demanding requirements to manage the entire HR lifecycle from hire to retire. 

SeamlessHR’s product suite includes a Core HR Management system, Performance and Competency Management, HR Analytics, Leave Management, Payroll Management, and Recruitment Management.

The company caters to hundreds of companies, and its client base cuts across multiple sectors in Africa, including renowned brands like PwC, Flutterwave, Sterling Bank, TGI Group, Lagos Business School, AXA, and Chapel Hill Denham. SeamlessHR’s cloud platform equips these clients and their people with the cutting-edge tools required to remain ahead of the rapidly changing HR management curve.

Andreata Muforo, partner at TLcom Capital, says “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 digitize workplaces and support their personnel.”

As e-connectivity and bandwidth capacity increase on the continent, there is a large appetite for efficient cloud computing solutions, and businesses are increasingly able to leverage cloud technologies to drive business transformation. 

The continent’s growing cloud computing industry reflects this opportunity – cloud computing in the Middle East and Africa is expected to grow from its current estimated market size of $14.2billion in 2021 to $31.4billion in 2026. SeamlessHR’s mission is to help African businesses leverage the continent’s greatest asset – its abundant human capital – with their cloud HR & Payroll software.

Will Poole, 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”. 

He added, “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.”

The company understands its position as a catalyst for business growth on the continent and remains committed to helping companies optimize their human capital through relentless innovation.

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