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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-market companies in the region.
This funding follows an earlier $1.1 million round in August 2022, underscoring the company’s rapid growth despite a broader slowdown in African technology financing.
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 the growing support for local startups.
Simplifying HR management in French-speaking Africa
Socium, co-founded in 2021 by École Polytechnique alumni Samba Lo and Serigne Seye, focuses on the critical need for digital HR solutions in French-speaking Africa, where more than 90% of mid-sized companies do not have 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 offering to provide a comprehensive HR management platform. The platform now includes recruitment, talent administration, performance management and payroll processing, specifically tailored to the unique needs of African businesses.
“The adoption of the solution in more than 15 African countries demonstrates the commitment to meeting the needs of local businesses by optimizing HR operations,” said Ben Marrel, co-founder and CEO of Breega. “We are excited to continue supporting Socium and its outstanding founders, Samba and Serigne, in their mission to become the leading HR solution for mid-market companies in French-speaking Africa.”
A growing market and future plans
The potential market for HR software in French-speaking Africa is estimated at €8.5 billion, targeting companies with more than 50 employees. This market is expected to grow by 10-12% per year until 2030. Socium already supports more than 100 clients in more than 10 sectors and 15 countries, including high-profile names such as Auchan, Orange, EY and L’Archer. Capital and Djamo.
With the new financing, Socium plans to strengthen its operations in key markets such as Senegal, Ivory Coast and Cameroon, while accelerating growth in the Democratic Republic of Congo (DRC) and Morocco. The company will also expand its platform with advanced AI features, such as wage gap 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,” said 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 increase the competitiveness of African businesses.”