Philippine HR tech firm confirms bagging $10.7m series B (update)

An aerial view of Manila, Philippines / Photo credit: Shutterstock

Sprout Solutions, a Philippines-based HR tech firm, confirms it has raised US$10.7 million in its series B funding round.

The fundraise was led by Cercano Management, with SoftBank Ventures Asia, GSR Ventures, AFG Partners, Integra Partners, ACA Investments, and Mynavi Corporation participating.

In 2019, Sprout Solutions secured US$6 million in series A funding led by New York-based Point72 Ventures, the early-stage VC firm of American billionaire Steve Cohen.

Founded in 2015 by Patrick Gentry and Alexandria Gentry, Sprout Solutions aims to help businesses navigate the Philippines’ complex labor laws. Its human resources analytics platform offers solutions for recruitment, onboarding, payroll, data insight, and performance monitoring, among others.

The company claims that it now has more than 1,000 corporate clients and 180,000 active users on the platform. It anticipates to cross US$10 million in annual recurring revenue in the second quarter of 2023.

Last September, the company acquired process automation platform Linnia for an undisclosed amount. The acquisition has aided Sprout in automating repetitive HR and procurement tasks.

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Update (April 19, 5:40 p.m. SGT): This article was updated to include a statement from Sprout Solutions.