Sprout Solutions, a Philippines-based HR platform that provides digitized human resource software, has raised $10.7 million in a Series B funding round. The funding was led by Cercano Management with the participation of SoftBank Ventures Asia, AFG Partners, GSR Ventures, Integra Partners, ACA Investments, and Mynavi Corporation. The company currently serves over 1,000 corporate clients and 180,000 active users, including large companies such as Ayala Land and Dole.
The platform automates everything from payroll and recruitment to analytics and performance management. Sprout Solutions plans to expand its product offerings and accelerate its growth.
“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. We are excited to work with our new investors to accelerate our growth and further expand our product offerings,” said Patrick Gentry, CEO and co–founder of Sprout Solutions.
Before the Series B funding round, the company raised $6 million in Series A funding in 2019 and $1.6 million in seed funding, bringing its total investment to $18.3 million.
The investors highlighted the complexity of labor laws and payroll requirements in the Philippines and the rest of Southeast Asia. They noted that Sprout’s services can be of assistance and anticipate that the platform will play a crucial part in the expansion of Philippine companies.