INVESTMENT NEWS

PayrollHero funded US$1M by 500 Startups and other investors

PayrollHero has announced funding of C$1 million, meant to increase its marketing efforts around Southeast Asia and for continued product development.

By J. Angelo Racoma

Considered the “hero” of the Satellite in Manila last year, PayrollHero has been making waves locally and around the region. The Philippine startup tries to improve efficiency by making the time-in and time-out process more pain-free, and likewise improves productivity by making the clocking in process more fun for employees. PayrollHero has announced it has secured C$1 million (US$ 989,218) in funding to continue product development and to increase marketing efforts around the Southeast Asia region.

The seed round funding is from 500Startups, LX Ventures, The Futura Corporation, 8capita Partners, Ryan Holmes (CEO of Hootsuite), Dan Martell (CEO of Clarity), Benjamin Joffe (aka Mr. Asia), Christian Cotichini (Founder of MAKE Technologies) and other angel investors.

See also: Payroll Hero: optimizing productivity one happy employee at a time

“There was a really big opportunity in Southeast Asia for a time, attendance, scheduling and payroll solution that was in the cloud and built for web and mobile.  We set up PayrollHero and set out to become the market leader in this space,” said PayrollHero co-founder and CEO Michael Stephenson in a statement.

PayrollHero currently services clients in the Philippines, the U.S., Canada, Vietnam, Cambodia, Thailand, Singapore, Malaysia and India. Coffee Bean & Tea Leaf is among its more prominent clients in the Philippines, and has set-up its iOS-based HR-management system in more than 50 outlets, managing about 700 employees. “We wanted a payroll solution that was cloud based and built for the Philippine business environment, PayrollHero was exactly what we were looking for and took our payroll processing time for 700 employees from 16 days to 5 minutes,” said CBTL CEO Walden Chu

PayrollHero is a scalable business, quipped George Kellerman, a venture partner at 500 Startups, saying its growth is only limited to the number of businesses interested in improving efficiency ad productivity through a better payroll system. “PayrollHero makes payroll sexy, and they make lots of money doing it!  It’s one of those few cloud-based services that every business, from SMB’s to large enterprises, can and should use to increase productivity and save costs.”

In a recent interview with co-founder Stephen Jagger, he highlighted how the company is also doing business intelligence through its cloud-based attendance, time, scheduling and payroll system. The social and mood aspects of clocking in and out actually help employers determine productivity based on certain factors. Stephen told e27 that the company is still building up its data, and will share their findings and analysis once they have amassed enough information.

I reached out to Stephen to inquire about the terms of the seed funding, but was told that this privileged information that cannot be shared. He shared that the company’s focus is growing its client base, with the Philippines as a priority and other Southeast Asia countries (such as Indonesia) as priorities in the coming months.

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