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BREAKING NEWS
Source: Thailand Startup News  Oct 14, 2019

Philippines-based HR And Payroll Startup Sprout Secures US$6 Million Series A Funding

Philippines-based HR And Payroll Startup Sprout Secures US$6 Million Series A Funding
Source: Thailand Startup News  Oct 14, 2019
Philippines-based HR and payroll startup Sprout becomes billionaire Steve Cohen’s VC first Southeast Asian investment with US$6M fundraising.


 
American billionaire Steve Cohen’s early-stage VC, New York based Point72 Ventures, has invested a US$6 million into Sprout, a payroll and human resources platform from Manila, Philippines. The Series A round of funding marks Point72’s first foray into Southeast Asia.
 
Other investors participating include another New York-based venture Next Billion Ventures, Singapore’s Dymon Asia, and Endeavor Catalyst, the investment vehicle of potentially high social impact entrepreneurs organization, Endeavor. Existing investors Kickstart, Beenext, and Wavemaker Partners returned for this fresh round.
 
The startup Sprout was founded by husband-and-wife duo Patrick and Alex Gentry in 2015 to solve a royal pain point for businesses operating under the Philippines’ complex labor laws.
 
Sprout’s cloud-based software stores all employee information, automates timekeeping and payroll and takes care of the necessary filings.
 
Seeing itself as a data company, Sprout has been working on predictive analytics. The new feature allows HR managers to see trends in the workplace, from what the company’s attrition rate is to how much it’s paying for overtime and who’s in the office in real-time with a Google-like search engine feature that allows HR staff to type in any query, and then the information comes up in ad hoc reports, reducing the time and energy HR personnel spend on these tasks.
 
The company plans to use the proceeds to further expand its artificial intelligence (AI) products for enterprise-level companies.
 
Sprout’s Cofounder and CEO Patrick Gentry initially assumed that only smaller to mid-sized firms would need an HR and payroll solution like Sprout, but later on found that even the biggest companies in the country also need their services.
 
In an interview with Thailand Startup News, Patrick Gentry commented “The legacy Enterprise Resource Planning (ERP) products they typically use from abroad do not cater to the nuances of business in the Philippines. In contrast, we’ve built our products from day one to make it easier for Filipino businesses to do their core HR and payroll,”
 
And besides simplifying HR and payroll processes, Gentry said Sprout’s products can bring more business value from the data it collects. One of its two stand-out products Sprout Insight, is a solution that brings artificial intelligence and predictive analytics to the world of human resources.

Sprout is one of the very few Philippine's startups that has ever made it to a series A funding todate.