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| Sprout Solutions Closes Series A Funding with USD 6M Capital |
The company’s investors include Point72 Ventures, Dymon Asia, Next Billion Ventures (NBV), and Endeavor Catalyst, as well as local firm Kickstart Ventures and Singapore-based companies Beenext and Wavemaker Partners.
In case you missed it, Sprout Solutions is a software company that eyes to allow Philippine firms to grow through their suite of back-end solutions, which address HR, payroll, and recruitment difficulties. These include employee 201 file management, attendance tracking and management, and compliance with government regulations, such as automating 21 different payroll-related government forms.
“Growing a business in the Philippines from scratch is nothing like in Silicon Valley. The trust barrier here is so high, so you really have to focus on overcoming that obstacle before you start to see any success,” CEO and founder of Sprout Solutions Patrick Gentry addressed. “This means you need to have solid business fundamentals and solid revenue streams, but more than that, you have to do the right thing and take care of people before you can establish that trust,” he added.
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Meanwhile, the company explained that being Point72 Ventures’ first investment in Southeast Asia and NBV’s first in the Philippines suggest that there’s a growing interest in the local market. Moreover, the brand noted that that corporate environment in the country is quickly transforming, enabling the Philippines to enjoy the global map for foreign interests.
The government is eyeing to have a startup-friendly regulation, such as the Innovative Startup Act and the Ease of Doing Business Act, while new local venture capital groups are starting to appear, such as Aboitiz Equity Ventures (AEV), JG Summit’s JG Digital Equity Ventures (JG DEV), and Seaoil’s Novel Capital.