Sprout Solutions eyeing to raise $20M to fund expansion
SPROUT Solutions, a local business solutions platform, is looking to raise $20 million (around P1.15 billion) to fund its acquisitions in the Philippines and across Southeast Asia this year, according to its chief executive officer (CEO).
“We’re raising a Series C round, so although we are a profitable company, we have many expansion plans, including some acquisitions,” Patrick Gentry, co-founder and CEO of Sprout Solutions, told BusinessWorld on the sidelines of SaaScon PH 2025 on April 8.
Sprout Solutions, a homegrown company, specializes in artificial intelligence (AI)-enhanced human resource and business solutions software. It is used by over 240,000 companies in the Philippines and Thailand, according to the company.
Demand for software-as-a-service (SaaS) platforms has been driven by Filipinos’ tech-savviness, Mr. Gentry said.
“Filipinos are incredibly sophisticated when it comes to technology in general, and specifically AI,” he said. “So, I think it’s really exciting to see how quickly AI adoption is happening in the Philippines and how we get to be a part of that adoption as the leading SaaS provider in the country.”
The Philippines’ generative AI market is expected to see a compound annual growth rate (CAGR) of 41.52% from 2025 to 2030, according to German online data platform Statista.
Sprout Solutions’ key products include its 24/7 AI Assistant, HR (human resources) information, consulting and analytics system, and payroll management system.
Mr. Gentry also cited the importance of salary benchmarking through its platform to help employers stay competitive and retain their employees.
“We have incredible amounts of data in our platform that we examine on an anonymized basis and provide insights for our clients. So, salary benchmarking is something that protects employees from being underpaid.”
According to the company’s report “Salary Benchmarking for Success: The Impact on Absenteeism, Attrition, and Employee Tenure in PH,” Philippine employees who earn less than the median salary have a higher attrition rate of 11.43% compared to those who earn more.
“By conducting regular salary benchmarking, companies can stay updated with market trends and make informed decisions about employee remuneration,” according to the report, which gathered data from over 1,000 companies across the country from January to December 2023. — Beatriz Marie D. Cruz
