Tofino Capital, an early-stage investor in emerging market technology companies invested $150,000 in Lagos-based SeamlessHR, a human resource technology company with a commitment to help African businesses become more productive and successful. SeamlessHR said that the fund will be used to grow the team, double down on expansion into Anglophone Africa and to strengthen marketing efforts.
Seamless HR is committed to innovation and desire to help African enterprises solve the pressing problems associated with human capital development. Its mission is to transform businesses on the continent by using technology to question and understand problems in order to proffer sustainable solutions.
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SeamlessHR perceives its recent investor to be a partner, “They have been very useful to us in terms of business growth with direct influence on furthering our efforts to become the biggest HR tech company out of Africa”.
Tofino Capital was introduced to SeamlessHR by a startup it invested in. “We find referrals the most effective mechanism,” says co-founder Eliott Pence. Tofino invests in Africa’s B2B tech companies, proven entrepreneurs with operational backgrounds and businesses with repeatable business models and these startups can be relocated to the Philippines.
Tofino Capital, Washington DC-based firm, was set up in 2018 by Eliot Pence and Aubrey Hruby. It has made two investments in the last eight months, with hopes to back five more businesses before the end of the year. Tofino Capital earlier invested in Nigerian B2B e-procurement company, Gloopro. It focuses on providing operational alpha fund for 1% to 10% stake in the companies and looks to fully partake in growing the businesses after injecting capital.