Extremely satisfied with its growth since choosing to locate in the Philippines, outsourcing firm TaskUs has announced that it has secured a $15-million investment to expand its operations in the country.
The California-headquartered company, founded by two friends who are only in the late 20s, said it was the first time that it is getting outside funding. It is putting in an additional $10 million from its profit to jack up its expansion fund to $25 million.
Interestingly, the investment came from Navegar, a Philippines-based private equity fund whose partners were founders of the call center outsourcing industry. Navegar’s co-founder and call center stalwart Javier Infante will join the board of TaskUs as a result of the investment.
Bryce Maddock, CEO and co-founder of TaskUs, said it sought out Navegar as a partner because of its deep roots in the BPO sector.
“I’m proud to announce that TaskUs is profitable and on a $35-million revenue run rate. We’ve doubled revenue and headcount in the past five months, and we plan to triple our current revenue and headcount by the end of 2016. This funding allows us to invest heavily in our people, open offices in new geographies and integrate world class technology into our service offering,” Maddock stated.
In an interview with reporters, TaskUs co-founder and president Jaspar Weir said the company picked the Philippines as its main hub because of the impressive quality of the workforce here.
TaskUs currently employs about 3,500 in various sites such as Taguig, Cavite, and Pampanga. The company, however, expects the figure to balloon to 10,000 by the end of 2016.
“We want our guys here to experience a different kind of BPO work apart from the usual thing where they get yelled at by angry customers,” said Weir, a 28-year-old Los Angeles native.
“We are able to do this by almost exclusively catering to the technical and back-office needs of technology startups in the US,” said Weir. Some of the company’s more than 200 clients include high-flying startups such as Uber, Groupon, Tinder, and HotelTonight.
As the first phase of its expansion program, TaskUs recently opened its flagship regional corporate headquarters located at 24/7 McKinley in Bonifacio Global City in Taguig.
The new office facility is capable of seating 400 employees and will have amenities such as gym, theatre, and recreation areas.
Aside from expanding locations and strengthening the company’s infrastructure, the investment would also be used for its employee enhancement programs.
“Since our aim is to be the employer of choice among BPO companies, we are emphasizing on improving our present employee enhancement programs,” said Maddock.
“Programs like the scholarship program for exceptional employees, the Learning Academy, and management training programs, to name a few, are all in place so we develop the best and most dynamic workforce in the industry and improve our customer service, while attracting other global customers to trust us with their business,” he added.