HSP Group closes $14M Series B financing to accelerate growth and further its GateWay technology platform
HSP Group, the customer-preferred provider of global expansion software and services for companies seeking to expand overseas, has raised $14 million in a Series B growth capital investment round, which will fast-track the company’s growth plans. New investor ABS Capital led this round, joined by existing investor Baird Capital, which increased its investment in the business, demonstrating its continued support for HSP’s strategic opportunities. This brings the total investment in HSP to more than $20 million since its inception in October 2020.
HSP will use this latest investment to accelerate revenue-generating initiatives, including deepening its alliance with industry partners and continuing development of its disruptive GateWay technology platform, which will roll-out advanced applications designed to make managing global expansion simpler. In addition, this capital will be used to bolster the company’s product offerings, increase its global presence and reduce services’ support costs through investments in automation, lower-cost operations centers and building in-house teams to take on work currently supported by third-party partners.
"At HSP, our mission is to facilitate expert-led global expansion for companies looking to open or expand overseas. We do this with an unparalleled focus on the customer experience that enables us to make the complex simple,” states Larry Harding, Founder & CEO of HSP Group. “HSP is the only provider committed to delivering all the people and entity solutions needed for global expansion, in every country, throughout the world. With this latest investment round, we can better ensure that our technology, people, methodology, pricing and expertise all combine seamlessly to make this happen."
In a fast-growing, international expansion solutions market already exceeding $24 billion, HSP is uniquely positioned to lead the way with its clear digital roadmap and HQ-focused, holistic approach to managing a global footprint. In addition, the company is well placed to capitalize on its adjacency to the global Employer of Record (EoR) market, which over the last few years has realized staggering levels of growth and outside investment. “As EoR is often a temporary versus a permanent solution for most businesses utilizing this hiring strategy, HSP is able to help these ‘graduates’ transition beyond EoR when, and if, the time is right for them to do so,” notes Harding.
ABS Capital Partner Cal Wheaton will join HSP Group's board of directors, and his colleague Jennifer Krusius will serve as an observer. Wheaton and Krusius bring extensive operational knowledge and resources to further enhance HSP’s success with its mission.
"The leadership team at HSP brings deep and tenured experience with outsourced global expansion services, providing them a keen understanding of the opportunities and challenges in the industry and how to be best positioned to serve rapidly changing customer needs,” mentions Cal Wheaton, Partner at ABS Capital. “We look forward to working with the team to build the leading technology-led services offering addressing the spectrum of customer needs in this industry."
Jennifer Krusius, Venture Partner at ABS Capital, added, “We are excited to partner with HSP Group’s experienced management team to continue to develop and deliver a suite of technology products that effectively solve customers’ pain points.”