HR tech solutions provider secures funding

Sprout Solutions, one of the Philippines’ most trusted HR technology platforms, announced it has secured $10.7 million in Series B funding from seven prominent global venture capital firms.

In a statement Friday, April 14, Sprout said that the round was led by Cercano Management, with participation from SoftBank Ventures Asia, AFG Partners, GSR Ventures, Integra Partners, ACA Investments, and Mynavi Corporation.

The successful Series B round brings the total investment in Sprout to date to $18.3 million. This also marks the first investment by Cercano, SoftBank Ventures Asia, GSR Ventures, ACA Investments, and Mynavi Corporation in a Philippines-based company.

“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," said Patrick Gentry, CEO and co–founder of Sprout. “We are excited to work with our new investors to accelerate our growth and further expand our product offerings.”

Already the leading homegrown HR tech company in the Philippines, Sprout offers HR and Payroll applications and integrated solutions that streamline recruitment, employee engagement, and performance management processes. With over 1,000 corporate clients and 180,000 active users, the company is now in a unique position to become the most relevant B2B SaaS provider in the country.

“HR SaaS is mission-critical 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 is a clear category leader in this space with their emphasis on technology, a comprehensive suite of solutions, and proven product-market fit. We see immense potential in the solutions they are building and are excited to join them on this journey,” said Tommy Teo, Managing Director and Head of Southeast Asia at Cercano Management.

"We are glad to continue to support Patrick and the team at Sprout in their mission to build the leading SaaS company in the Philippines," added Christiaan Kaptein, Managing Partner at Integra Partners.