HR Tech Startup Sprout Solutions Secures $10.7M Series B Funding

MANDALUYONG, METRO MANILA, PHILIPPINES, May 19, 2023- Sprout Solutions recently acquired $10.7 million series B funding from seven key venture capital firms, led by Cercano Management, with the participation of SoftBank Ventures Asia, AFG Partners, GSR Ventures, Integra Partners, ACA Investments, and Mynavi Corporation.

“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,” says CEO and co-founder of Sprout, Patrick Gentry.

“We are excited to work with our new investors to accelerate our growth and further expand our product offerings.”

Tommy Teo, Managing Managing Director and Head of Southeast Asia at Cercano Management, notes, "HR software-as-a-service is important 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.”

"Sprout Solutions is a clear category leader in this space with their emphasis on technology, and we see immense potential in the solutions they are building.”

Sprout Solutions is an HR tech software-as-a-service (SaaS) built with Philippine businesses in mind. It was founded in 2015 by husband-wife duo Patrick and Alexandria Gentry as a way to help Philippine businesses navigate complex labor laws and has since served over 1,000 clients in the country across various industries

.Sprout Solutions offers a comprehensive software solution that simplifies and automates crucial HR processes like recruitment, payroll, analytics, and performance management.

Recognized by esteemed technology review platforms like G2 and Capterra, Sprout Solutions has become a trusted choice for notable clients like AyalaLand, Beyond the Box, Canva, Lalamove, Lamudi, Dole, and many more, helping them streamline their HR operations effectively.

Sprout anticipates over $10 million in annual recurring revenue in the second quarter of 2023. Last September 2022,

Sprout Solutions acquired Linnia—a process automation platform—to further help them automate HR tasks.

Learn more about Sprout Solutions by visiting our website at https://sprout.ph/.