Sprout Solutions Raises P591 Million in Series B Funding
Philippine HR platform Sprout Solutions has just raised $10.7 million (around P591 million) in a Series B funding led by Cercano Management, with participation from SoftBank Ventures Asia, AFG Partners, GSR Ventures, Integra Partners, ACA Investments, and Mynavi Corporation.
Sprout Solutions, which was founded by Patrick and Alexandria Gentry, currently services over 1,000 corporate clients and 180,000 active users. The SaaS platform digitized HR software has made it easier for companies to automate everything from payroll and recruitment to analytics and performance management. Companies as large as Ayala Land and Dole use Sprout Solutions.
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“Securing this funding is a testament to the hard work and dedication of our team and our commitment to providing best-in-class HR and business solutions to companies in the Philippines," said Patrick Gentry, CEO and co–founder of Sprout. “We are excited to work with our new investors to accelerate our growth and further expand our product offerings.”
Sprout Solutions’ Series B round also marked the first time that Cercano, SoftBank Ventures Asia, GSR Ventures, ACA Investments, and Mynavi Corporation made investments in a Philippine-based company.
Prior to raising $10.7 million in Series B, the HR-tech startup raised $6 million from its Series A round in 2019., and $1.6 million in Seed funding in 2019—bringing Sprout’s total investment to date to $18.3 million.
“HR SaaS is mission-critical in the Philippines and the rest of Southeast Asia, where businesses are emerging and scaling very rapidly but local HR and payroll requirements remain highly complex,” pointed out Tommy Teo, Managing Director and Head of Southeast Asia at Cercano Management.
“The Philippines has a highly complex labor law where employee record keeping, government compliance of payroll reporting and employee time-keeping are major pain points,” added Harris Yang, Vice President of SoftBank Ventures Asia.
“We believe that Sprout's quality services will play a vital role in the growth of Philippine companies,” concluded Tomohiro Fujita, CIO at ACA Investments.
