After receiving an unknown amount of money from SprintX, a US-based VC focused on early-stage entrepreneurs, the Kenyan HR firm Crew HR &Payroll changed its name to FaidiHR.
A single cloud platform known as FaidiHR, which was founded in 2018, enables small and medium-sized businesses in Africa to automate their HR procedures. The software assists with automating payroll, vacation days, personnel information, jobs, inventories, instruction, reviews, and costs.
SprintX, a venture studio owned by 3 pm and located in Austin, Texas, provided the unknown round of money (US). SprintX invests in early-stage businesses creating markets and platforms.
The money will be used by FaidiHR to grow in East Africa, with the business aiming to enter Uganda, Tanzania, and the Democratic Republic of the Congo (DRC). According to CEO Peter Muchemi, the investment marks the startup’s first round of venture capital funding and comes after it received significant market validation.
“We intend to use these funds to grow the business even as we continue to focus on our main clientele – small and medium entreprises. So far we have had the chance to validate our business with millions in annual turnover with thousands of employees’ salaries being processed by our platform. Our platform has served different clients in diverse industries like aviation, hospitality and tours, and NGOs, among other industries,” he said.
“In the course of the next few months, we will be launching features that will focus more on the employee to add more value so that they can be more productive. An example is a payroll lending feature we are working on together with one of our clients that will allow employees access to instant mobile loans based on their repayment capabilities. This will be possible because we have real-time data that can score employees.”
The necessity to let the brand speak for itself, according to Muchemi, led to the name change.
“In the spirit of rebranding, we will continue to commit to our customers and provide the same, or better, level of professionalism you have experienced, and we’d like to take the opportunity to thank our loyal customers and business partners for your trust and friendship in business,” he said.
FaidiHR is a specific platform that focuses on serving the needs of businesses in Kenya, according to Pavan Kumar, managing partner of SprintX.
“The founders have a deeper understanding and a strong product road map to serve the growing needs of small, medium and large companies in Kenya. Combining their sales and technology skills, with our expertise in platforms and business strategy, would be the right recipe to attain market leadership in the near term. With our investments in FaidiHR and Jumuisha, SprintX is poised to play a major role in the Kenya startup ecosystem through strategic investments in early-stage startups,” he said.
