Kenya based human resources (HR) and payroll start-up, WorkPay has announced on 13th August, 2020, that it has raised USD 2.1M in a seed funding round. The start-up claims to utilize the finance to fuel its growth.
Kepple Africa Ventures drove the round, which also invested USD 100,000 in WorkPay in the year 2019. Other participants include P1 Ventures, Musha Ventures, Soma Ventures, Y Combinator and several other angel investors. Moreover, the startup recently took participation in the Silicon Valley based accelerator programme.
Previously known as TozzaPlus until it rebranded in 2019. WorkPay is a cloud-based human resources management and payroll solution for small and medium-sized businesses (SMBs) in Africa. The company’s salary disbursement and time tracking tools are helping African businesses to save time and money spent. It is done by eliminating ghost workers from their payroll and inefficiencies associated with cash payments.
The start-up claims that more that 25000 employees payrolls are getting processed by them in Kenya. Also, it has more than small and medium-sized businesses on their platform. It is also planning to look for further growth after securing the latest funding amount.
Talking about this investment, Co-founder and CEO of WorkPay, Paul Kimani said, “This new investment will give us the opportunity to scale our human resource management and payroll processing tools to SMBs and expand to enterprise clients across East Africa. We are fortunate to have the backing of some incredible people on our mission to make it easy for businesses to manage and pay employees across Africa.”
Ryosuke Yamawaki, general partner of Kepple Africa Ventures, said the moment his team first met with the WorkPay team during a one-on-one pitch day in September 2018. They are different from anyone else in Nairobi.
He further added, “They’re different in the way they define their key customers, understand their real pains and design specific solutions. It is no surprise that they have come this far. They will become one of the most successful startups in the continent. Also, drastically change the way the workforce is managed.”
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