Sprout Solutions, a payroll and human resources management platform headquartered in Manila, allotted new shares worth $8.2 million last week as part of a $10.7 million Series B funding round.
The round was led by Washington-based investment firm Cercano Management, formerly known as Vulcan Capital. Cercano’s Southeast Asia head Tommy Teo will join Sprout’s board as a director.
Founded in 2015 by Patrick and Alex Gentry, Sprout offers software solutions to automate HR processes such as payroll management, employee benefits administration, time and attendance tracking, and performance management. The Philippine HR tech startup acquired the process automation platform Linnia last year for an undisclosed sum.
Top shareholders in Sprout Solutions
Indonesian cold chain fulfilment startup Fresh Factory allotted new shares worth $6.77 million last week to its pre-Series A investors and simple argument for future equity (SAFE) holders.
The company recently announced a $4.15 million pre-Series A round led by SBI Ven Capital. Meanwhile, the SAFE holders include East Ventures, Indogen Capital and Y Combinator.
Fresh Factory plans to spend the fresh capital on expanding its facilities to over 100 fulfilment centres across 50 Indonesian cities by the end of this year.
Other updates from DATA VANTAGE
Legit Group, a Jakarta-based multi-brand cloud kitchen operator, allotted new shares worth $3.35 million last week, bringing its Series A round total to $13.7 million. The round was led by MDI Ventures, which contributed $5 million.
ceEntek, a Singapore-based company that produces carbon nanofibers for ultra-high-performance concrete, allotted shares worth $300,000 to a new shareholder last week.
AcadArena, a campus gaming startup based in the Philippines, added South Korea-based Web3 investment firm Hashed to its cap table last week. The company has now allotted shares worth $10.7 million this year to investors, including Blockchain Capital, Kingsway Capital and Hustle Fund.
Sequoia Capital India-backed contract lifecycle management solutions provider SirionLabs posted a 12% increase in revenue for the financial year that ended March 31, 2021. Its net loss surged over 51% during the period.
Waste management solutions provider Blue Planet Environmental Solutions reported a net profit for the year that ended March 31, 2021, as its revenue jumped 6.5x.