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Socium raises $5M to become leading HR solution in Francophone Africa

November 23, 2024

Socium, an all-in-one HR management platform based in French-speaking Africa, has secured a $5 million funding round to expand its services and become the go-to HR solution for mid-sized companies in the region.

This funding follows a previous $1.1 million round in August 2022, highlighting the company’s rapid growth despite a broader slowdown in African tech funding.

The latest investment was led by Breega through its Africa Seed fund, with participation from international investors including Partech, Chui Ventures, Orange Digital Ventures, Sonatel, Outlierz Ventures, Super Capital, and DNA. Prominent African business angels such as Mossadeck Bally (founder of the Azalaï group), Hassan Bourgi (founder of Djamo), and Babacar Seck (founder of Askya Investment Partners) also contributed to the round, underscoring growing support for local startups.

Simplifying HR Management in Francophone Africa

Co-founded in 2021 by École Polytechnique alumni Samba Lo and Serigne Seye, Socium addresses the critical need for digital HR solutions in Francophone Africa, where over 90% of mid-sized companies lack an HR management system. This gap often results in time-consuming manual processes and increased operational, legal, and financial risks.

Initially launched with a recruitment module, Socium has expanded its offerings to provide a comprehensive HR management platform. The platform now includes recruitment, talent administration, performance management, and payroll processing, tailored specifically for the unique needs of African companies.

“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,” said 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 Growing Market and Future Plans

The potential market for HR software in Francophone Africa is estimated at €8.5 billion, targeting companies with more than 50 employees. This market is expected to grow at a rate of 10-12% per year until 2030. Socium is already supporting over 100 clients across more than 10 industries and 15 countries, including high-profile names like Auchan, Orange, EY, L’Archer Capital, and Djamo.

With the new funding, Socium plans to strengthen its operations in key markets such as Senegal, Côte d’Ivoire, and Cameroon, while accelerating growth into the Democratic Republic of Congo (DRC) and Morocco. The company will also enhance its platform with advanced AI features, such as payroll discrepancy detection, and integrate with public services to automate tax and regulatory filings.

“This investment in Socium reflects our commitment to sustainable development and innovation in Africa,” commented business angel and founder of Azalaï Hotels, 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.”