Syamil Faisal18 Oct, 2019

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.”