Sprout just hit another major milestone: we’ve closed our series A funding round, raising US$ 6 million in fresh funds primarily from U.S.-based Point72 Ventures and Next Billion Ventures (NBV). Other participating investors include Dymon Asia, Endeavor Catalyst, Kickstart Ventures, Beenext, and Wavemaker Partners.
“It will be going towards operating expenses and expansion. We are expanding throughout the provinces. Previously, we’ve been focused in Metro Manila. We’re spreading our range a lot more nationwide,” said Patrick Gentry, CEO and Co-founder of Sprout.
This funding round is Point72 Ventures’ first foray in Southeast Asia, and NBV’s first in the Philippines. Sprout believes that this investor confidence reflects the growing interest in the Philippine market as an attractive location for injecting capital.
“It’s super exciting, because you have all these challenges that make it difficult for new businesses here, but you also have all these super high-quality tech startups beginning to appear,” shared Gentry when asked about his outlook for the country’s tech scene. “When they overcome these challenges, it’s a great indicator to capital investors that the company is really doing something right.”
For more information, check out these pages:
https://techpatrl.com/sprout-solutions/
https://www.techinasia.com/hr-payroll-startup-sprout-6m-injection-nybased-point72-ventures
https://www.gmanetwork.com/news/money/companies/711639/sprout-solutions-secures-6m-in-fresh-funds-to-expand-beyond-metro-manila/story/
The post Sprout Solutions Raises US$ 6 Million in Series A Round appeared first on Sprout.
source https://sprout.ph/blog/sprout-solutions-seriesa-funding/
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