PayrollHero Receives $1 Million In Seed Funding For Product Development and Expansion in Southeast Asia

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PayrollHero a cloud and mobile web-based payroll solution just announced that they recently closed a seed funding from 500Startups, LX Ventures, The Futura Corporation, 8capita Partners and other angel investors.

PayrollHero is a subscription based cloud and mobile web-based payroll solution that uses the facial recognition, user’s IP Address and GPS location to make sure that an employee is clocking in and out at the right place at the right time, have offices in Manila Philippines and Whistler, Canada.

The creation of Payroll Hero is not your usual Cinderella story where a dorm-room or garage project was turned into a company. It was created out of necessity, since company founders Michael Stephenson and Stephen Jagger could not find a suitable payroll solution for the Philippine outsourcing company that they setup, so they created one instead, and the system was so good that when they showed it to other business owners in the Philippines who are looking for similar payroll solution immediately signed-up and the rest as they say is history.

PayrollHero CEO Michael Stephenson said “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.”

PayrollHero supports payroll for companies in the Philippines and has users in 8 countries (Canada, USA, Cambodia, Singapore, Thailand, Indonesia, Malaysia and India), with the funding that received the company plans to expand its payroll capabilities to other countries within Southeast Asia and add talent to its “Adventure Engineering” team.

To complete the investor roster you have; Ryan Holmes (CEO of Hootsuite), Dan Martell (CEO of Clarity), Benjamin Joffe (aka Mr. Asia), Christian Cotichini (Founder of MAKE Technologies).

Last modified: February 23, 2013

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