Pade HCM, a Nigerian HR tech company co-founded by Seye Bandele and Lekan Omotosho, has raised $500,000 in pre-seed funding to expand its operations and invest in product development. The company, which aims to simplify employee operations and automate HR tasks for African businesses, has already helped over 100 companies become more productive and profitable. With a mission to boost the continent's economic growth and productivity, Pade HCM processed 2.67 billion in payroll and managed over 10,000 employee profiles in 2022. The investment round was led by Zrosk IML, Zedcrest Capital, Microtraction, Expert Dojo, and Resilience 17, and several angel investors also participated.
Pade HCM's co-founders, Bandele and Omotosho, have a background in marketing and consulting, respectively. The company was established with the recognition that Africa presents the largest opportunity for growth in the workforce globally. The continent has a young and rapidly growing population, but its economic growth and development have lagged behind other regions of the world due to low productivity metrics across many industries and sectors.
The HRTech industry in African countries such as Nigeria, Ghana, Kenya, and Rwanda is growing rapidly. In the past, only large corporations like FMCGs and banks paid attention to digitizing HR processes and employee engagement methods. However, in recent times, the awareness and benefits of using HR technology to enhance business productivity have grown considerably in the continent's MSME market, worth over $24 billion.
Pade HCM plans to use the new funding to change the HR industry in Africa, help Africa catch up to the new world of work, and invest in product development. The company aims to become a game-changer in the HR industry in Africa by bringing the continent into profitability. The new funding will enable Pade HCM to expand its operations and invest in product development, thus staying ahead of the competition in an increasingly competitive business environment.
Pade HCM's CEO, Seye Bandele, stated in a recent statement that "our goal is to help businesses become more efficient, freeing up their time to focus on strategic work." With this funding, Pade HCM plans to achieve its goal by leveraging technology to meet the unique HR needs of organizations in Africa, particularly MSMEs. The company's mission statement reads, "Our key focus is to deliver Africa into profitability." "Africa, despite having the youngest and fastest-growing population on the globe, has the lowest productivity metrics anywhere in the world."
The funding round was led by a consortium of investors, including Zrosk IML, Zedcrest Capital, Microtraction, Expert Dojo, and Resilience 17, as well as participation from several angel investors. This latest round of funding marks a pivotal moment for the company, and Pade HCM intends to use the funds to scale and accelerate growth.
By automating repetitive HR tasks and providing a simple, efficient people operations platform, Pade HCM has helped over 100 African businesses become more productive and profitable. With the new funding, the company plans to expand its operations and invest in product development, helping Africa catch up to the new world of work. As the HRTech industry in Africa continues to grow, Pade HCM is positioning itself as a leading player in the market.
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