Philippines Startup Sprout Solutions raises $6 million in a Series A round

Investors from the US and SouthEast Asia led Sprout’s Series A round.


Syamil Faisal

18 Oct, 2019

Philippines Startup Sprout Solutions raises $6 million in a Series A round | BEAMSTART News

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Philippine's key human resources (HR) and payroll management solutions provider: Sprout Solutions, closed its Series A round with $6 million capital from the following investors:

US-based investors:

  • Point72
  • Next Billion Ventures (NBV)
  • Endeavor Catalyst

SouthEast Asia- based investors:

  • Dymon Asia
  • Kickstart Ventures
  • Beenext
  • Wavemaker Partners

Sprout Solution is Point72 Venture’s first investment in SouthEast Asia, and NBV’s first venture in Philipines — indicating the growing interest of foreign investments.

Sprout Solutions website showing its service offerings
 

As Philippines government begins enforcing more startup-friendly regulations, more and more new venture capital firms are emerging.

Some of them include Aboitiz Equity Ventures (AEV), JG Summit’s JG Digital Equity Ventures (JG DEV), and Seaoil’s Novel Capital.

As a software-as-a-service (SaaS) company, Sprout Solutions offers end-to-end processing and smooth automation across HR and payroll processes:

  • employee 201 file management
  • attendance tracking and management
  • compliance with government regulations
  • automating 21 different payroll-related government forms.

Pete Casella, Partner, Point72 Ventures said:

“We are pleased to support Sprout’s continued growth, product expansion, and mission to empower local businesses.”

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