A Tampa software company has now raised more than $20 million since its launch in 2020.
HSP Group, which develops software to better help companies expand overseas, announced it closed a $14 million Series B round on Tuesday. Baltimore-based ABS Capital led the round, with participation from Chicago-based Baird Capital.
“HSP is the only provider committed to delivering all the people and entity solutions needed for global expansion, in every country, throughout the world," Larry Harding, founder and CEO of HSP Group, said in a statement. "With this latest investment round, we can better ensure that our technology, people, methodology, pricing and expertise all combine seamlessly to make this happen."
The funding will go toward increasing product offerings, increasing its own global expansion and developing its mainstay product, the GateWay technology platform.
The company was founded in October 2020 and raised a Series A, led by Baird Capital, in November 2021 for an undisclosed amount.
With the latest investment, ABS Capital partner Cal Wheaton will join the company's board of directors, and ABS venture partner Jennifer Krusius will serve as an observer.
"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,” Wheaton said in a statement.
