Nigerian Startup Orda Secures $1.1M Pre-Seed Funding to Expand HR Services
Orda, a cloud-based services startup based in Nigeria, has successfully closed a $1.1 million pre-seed funding round. The investment will fuel the company’s expansion of its human resources (HR) and payroll administration services. The company’s innovative approach to cloud solutions aims to address the growing demand for streamlined HR processes across the African continent.
Fueling African Expansion: Orda’s Strategic Vision
The funding round was spearheaded by Lofty Inc. Capital, with contributions from notable investors including Microtraction, Norrsken Foundation, and Magic Fund, alongside angel investors like Ire Aderinokun. Orda currently operates in Nigeria and Kenya and plans to utilize the newly acquired capital to broaden its reach across Africa. Company leadership recognizes the immense potential within the African cloud computing market. According to the startup, cloud computing adoption hasn’t yet reached the same level of prevalence as in the West, but the industry is expanding rapidly, presenting significant opportunities for growth. The cloud computing market in Africa and the Middle East is projected to reach $31 billion by 2026, representing a substantial increase from its 2021 valuation of $14 billion.
The co-founders of Orda were motivated to create the startup. The goal is to build and offer solutions that cater to the specific needs of the African market. This recent funding round will enable Orda to scale its operations and capitalize on the increasing demand for efficient and accessible HR solutions.
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