Vancouver-born PayrollHero announced today that is has closed a $1 million seed round of funding from 500Startups, LX Ventures, The Futura Corporation, 8capita Partners, Ryan Holmes (Hootsuite), Dan Martell (Clarity), Christian Cotichini (MAKE Technologies) and other angel investors.
With offices in Manila, Philippines and Whistler, PayrollHero is a subscription based cloud software platform that uses the employees face and GPS location as the metric for clocking in and out to ensure that the right employee is in the right place at the right time.
PayrollHero was created out of necessity from company founders Michael Stephenson and Stephen Jagger. They had set up a Philippine outsourcing company and could not find a suitable time, attendance, scheduling and payroll solution so ended up building their own.
After showing their internal system to other business owners in the Philippines who expressed similar dissatisfaction with the options available they decided to look deeper into the Philippine market and the rest of Southeast Asia.
PayrollHero currently supports payroll for companies in the Philippines and plans to expand its payroll capabilities to other countries within Southeast Asia in the near future.
Today’s announcement included an impressive customer testimonial that says a lot about their opportunity. Walden Chu is CEO of The Coffee Bean & Tea Leaf Philippines: “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.”