PaidHR, a Nigerian startup that helps businesses manage their HR functions, has raised a $1.8 million seed round, which completes its initial fundraising.
The investment was led by Accion Venture Lab, with participation from existing investors Zrosk, Chui Ventures, and Zedcrest Capital.
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“We are proud to support the team as they deliver scalable, cost-effective solutions that help strengthen small businesses and enable employees to take control of their financial lives,” said Amee Parbhoo, managing partner at Accion Venture Lab.
The fundraising began with a $1.5 million target as PaidHR plans to deepen its market share within Nigeria, accelerate product development, and expand its customer success teams with this round of funding.
The new funding round brings the total investment to about $2.9 million. PaidHR raised $500,000 pre-seed in 2022 and an additional $600,000 in 2023.
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PaidHR provides a comprehensive platform for payroll, HRIS, compliance, performance management, and Earned Wage Access. Its cross-border payroll system supports 49 currencies, empowering businesses to pay employees in their local currencies and navigate the complexities of international HR management.
The startup recently launched an employee wallet app that enables employees to access and spend their wages without needing to transfer funds to a bank. It currently serves over 200 businesses, generating revenue through subscription fees and transaction fees from payroll processing.
