Socium has raised new funding to expand its reach within Francophone Africa.
The company, founded by Samba Lo (CEO) and Serigne Seye (chief operating officer), began as a recruitment website before scaling to offer HR solutions for businesses, notes TechCrunch.
Per its LinkedIn, company offerings include:
- Payroll management
- Workflow management
- Performance evaluation
- Document management
“Our customers started to ask us if we had solutions for payroll, time management, and performance management. So, we decided to build a global HR platform to help HR teams manage all their processes,” Lo told TechCrunch.
Thanks to Socium, more Africa-based companies can now launch their businesses within a matter of weeks in the French-speaking countries. The company also leverages artificial intelligence to vet CVs and create job descriptions, TechCrunch notes.
“Focus on people means focus on performance, their evaluation and competence, and career path for each individual,” Lo added. “And for this reason, our main focus is to continue to help them to work, to manage their daily tasks more easily and to be able to be focused on the most important part of the HR. And I think the most important part for HR is weighted to people inside the company.”
According to TechCrunch, the company has raised $5 million in a seed funding round. The company’s seed round was led by Breega with additional investors including Partech, Orange Ventures, Chui Ventures, Sonatel, Outlierz, Super Capital, Evolem, Techmind, and various angel investors, with Raisers Partners serving as financial advisers.
“So for us, deploying within Francophone Africa is very interesting,” Lo explained. “…Because we have the same economic community, we have very close regulations, we have the same currency; in addition, the market for HR software is very huge. So for these reasons, we prefer to stay in Francophone Africa because I think we have so much to do here.”
