Kenyan local startup ElevateHR Africa has announced plans to raise Sh40 million from local investors. This is a groundbreaking move in the Kenyan tech ecosystem, as historically, local startups have overwhelmingly relied on foreign investors.
ElevateHR Africa hosted a Pre-Seed Investor Gala, where HR professionals and C-suite executives united as local angel investors. This marks a pivotal moment for the company, as it embarks on its next round of funding, now open to local investors.
The funds will be used to help the company increase its customer base and continue to grow its product portfolio. ElevateHR Africa is also planning to hire key staff and increase its sales and marketing activities.
ElevateHR Africa is on a mission to revolutionize the way HR is done in Africa. The company’s cloud-based HR software platform offers comprehensive solutions for payroll management, leave management, employee self-service, salary advances, and performance management.
ElevateHR Africa is also committed to empowering businesses with streamlined HR processes and fostering professional development opportunities for HR professionals.
ElevateHR Africa has previously raised $100,000 from From Here Ventures, a local venture capital firm. Local investors can invest a minimum of Sh200,000 with a 14% interest rate per year compounded on principal. The move to raise funds from local investors comes amidst a decline in startup funding, as the sector begins to feel the bite from the global economic climate. Local investing provides additional opportunities and benefits to new entrepreneurs, invigorates communities, instills trust in local businesses, and increases customer loyalty. ElevateHR Africa has picked Lokal Capital as its investment manager. ElevateHR Africa has built an innovation-driven HR Community, boasting 800 active members, which serves as a hub for HR professionals to foster professional development and networking opportunities.
ElevateHR Africa is a leading provider of HR software and services in Kenya. The company’s commitment to innovation and customer satisfaction has made it a trusted partner for businesses of all sizes.
Speaking during the gala dinner ElevateHR founder and chairman Mark Karake said the funds will be used to help the company increase its customer base and continue to grow its product portfolio.
“We also want to hire key staff and increase our sales and marketing activities in a bid to grow our customer base to a triple-digit,” Karake said.
Local investors can invest a minimum of Sh200,000 with a 14 per cent interest rate per year compounded on principal.
“Our team has a combined over 30 years of experience in startups, SaaS sales and engineering, they are experienced industry leaders of high quality and will deliver on the promises we have made today,” He added