Leading human resources (HR) company and payroll management solutions provider in the Philippines, Sprout Solutions raised a whopping $6 million in the recent Series A funding round. The company announced its financial success in the field last Monday, October 14, 2019.
Founded in 2015, Sprout Solutions provides HR and payroll solutions complete with end-to-end processing and automation services. Its comprehensive offerings include file management services, attendance tracking, government regulation compliance, and access to payroll forms, notes Manila Bulletin.
Foreign capital investors who led the funding round include United States investment firm Point72 Ventures, Dymon Asia, Endeavor Catalyst, and Next Billion Ventures (NBV).
According to BusinessWorld Online, other existing investors of the company also participated in the Series A financing round. These include Beenext and Wavemaker Partners from Singapore, as well as Kickstart Ventures, all of which supported the company in their seed financing round in 2017.
In a statement, founder and chief executive officer of Sprout Solutions Patrick Gentry said “we are going to be expanding through provinces. We are now spreading a lot more nationwide.” Gentry said they are intending to expand their offices in Clark, Pampanga and Davao City come 2020.
Sprout currently provides services to clients from Metro Manila, Baguio, Clark, Palawan, and Davao. However, the HR and payroll management systems provider is still lacking physical offices in these locations.
Gentry raised challenges their startup company experienced, with trust being at the core of business relationships. “Growing a business in the Philippines from scratch is nothing like Silicon Valley. The trust barrier here is so high, so you really have to focus on overcoming that obstacle before you start seeing any success,” says Gentry. A strong grasp of business fundaments and revenue streams is essential to survive, notes the CEO.
To thrive in the business and foster trust among clients, Manila Bulletin reports that the company invests in obtaining necessary certifications as well as employee training.