Meet Sprout Solutions. This Philippine startup just raised $10.7M in Series B funding! 

• The new round was led by Cercano Management. Other investors include Softbank Ventures Asia, GSR Ventures and AFG Partners. 
• Past investors also include Point 72 Ventures — this was their first investment in Southeast Asia! 
• The new funding brings their total funding amount to $18.4M. 

🌱 Sprout(ing) HR tech 

Sprout Solutions is an HRIS software that automates everything from payroll, benefits, performance management, to attendance tracking. 

• Growing. Their revenue increased 28% YoY! Their net loss decreased by 82.6% to $260k. 
• Trusted in PH. Their clients include Foodpanda, Dole, and Canva. 

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🧑‍💻 Future of work

The adoption of HR tech is no longer an option. From recruiting, onboarding, payroll to reskilling and upskilling, SaaS tools are there to enable the process. 

• Like any good SaaS business model, the key is for HR tech products to upsell new features. 
• Employee retention has become top-of-mind for many companies, but it is up for debate whether SaaS tools can really reduce attrition rates. 

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🌏 One size fits most?

HR tech solutions are not one-size fits all. Different countries need their own software solutions. Although the functions are mostly the same, country-specific workflow is often needed. 

• Integration with region-specific recruitment pipelines saves time for the HR team. 
• Onboarding and payroll compliance are different for every country. 

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