Socium, an all-in-one HR administration platform primarily based in French-speaking Africa, has secured a $5 million funding spherical to increase its companies and turn into the go-to HR answer for mid-sized firms within the area.
This funding follows a earlier $1.1 million spherical in August 2022, highlighting the corporate’s speedy development regardless of a broader slowdown in African tech funding.
The most recent funding was led by Breega by way of its Africa Seed fund, with participation from worldwide traders together with Partech, Chui Ventures, Orange Digital Ventures, Sonatel, Outlierz Ventures, Tremendous Capital, and DNA. Outstanding African enterprise angels corresponding to Mossadeck Bally (founding father of the Azalaï group), Hassan Bourgi (founding father of Djamo), and Babacar Seck (founding father of Askya Funding Companions) additionally contributed to the spherical, underscoring rising assist for native startups.
Simplifying HR Administration in Francophone Africa
Co-founded in 2021 by École Polytechnique alumni Samba Lo and Serigne Seye, Socium addresses the essential want for digital HR options in Francophone Africa, the place over 90% of mid-sized firms lack an HR administration system. This hole usually ends in time-consuming handbook processes and elevated operational, authorized, and monetary dangers.
Initially launched with a recruitment module, Socium has expanded its choices to supply a complete HR administration platform. The platform now contains recruitment, expertise administration, efficiency administration, and payroll processing, tailor-made particularly for the distinctive wants of African firms.
“The solution’s adoption across more than 15 African countries speaks to its commitment to meet the needs of local businesses by optimizing HR operations,” stated Ben Marrel, co-founder and CEO of Breega. “We are thrilled to continue supporting Socium and its outstanding founders, Samba and Serigne, in their mission to become the leading HR solution for medium-sized companies in Francophone Africa.”
A Rising Market and Future Plans
The potential marketplace for HR software program in Francophone Africa is estimated at €8.5 billion, concentrating on firms with greater than 50 workers. This market is anticipated to develop at a price of 10-12% per yr till 2030. Socium is already supporting over 100 shoppers throughout greater than 10 industries and 15 nations, together with high-profile names like Auchan, Orange, EY, L’Archer Capital, and Djamo.
With the brand new funding, Socium plans to strengthen its operations in key markets corresponding to Senegal, Côte d’Ivoire, and Cameroon, whereas accelerating development into the Democratic Republic of Congo (DRC) and Morocco. The corporate may even improve its platform with superior AI options, corresponding to payroll discrepancy detection, and combine with public companies to automate tax and regulatory filings.
“This investment in Socium reflects our commitment to sustainable development and innovation in Africa,” commented enterprise angel and founding father of Azalaï Inns, Mossadeck Bally. “By supporting this innovative HR solution, we are helping to transform the future of work, nurture local talent, and boost the competitiveness of African companies.”
