Papaya Global Raises $100 Million in Series C Funding at Over $1 Billion Valuation
Global people management platform for the remote work era – which tripled its revenue in 2020 for the third straight year – provides a radically simple solution for managing and paying all types of global workers in full compliance
Papaya Global, the industry-leading workforce management platform transforming global employment, announced that it has raised $100 million in a Series C funding, bringing the company’s valuation across $1 billion.
The new investment follows Papaya’s $40 million Series B funding announced less than 6 months ago.
The new funding round was led by GreenOaks Capital Partners and joined by IVP Ventures and Alkeon, with participation from existing investors Insight Venture Partners, Scale Ventures, Bessemer Ventures, Dynamic Loop, New Era and Workday Ventures, Access Ventures and Group 11. The new investment brings Papaya’s total funding to $190 million.
Papaya’s SaaS software unifies all workforce management tasks under one platform – from onboarding through payroll and payments – in over 140 countries. Recently, Papaya launched an HRIS functionality to enhance the employment experience and radically simplify workforce management.
Papaya’s innovative approach to the total workforce – allowing companies to hire and manage top talent anywhere and provide a high-level employee experience – quickly pushed Papaya to a commanding lead in the global workforce market.
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Papaya will use the new funding to meet the strong demand for its global workforce management platform, reinforce its market leadership, and invest in its product, engineering and go-to-market teams.
Co-founded by Eynat Guez, CEO, Ruben Drong, CPO and Ofer Herman, CTO, Papaya Global has been on a hyper-growth trajectory. The investment comes on the heels of 300% revenue growth year-over-year for each of the last 3 years and reflects strong demand for Papaya’s unique offering in global workforce management.
“We made a bold prediction in 2016 that Papaya’s technology would emerge as the most significant innovation for the global workforce and that we would become a standard for workforce management, just as ERP has in finance,” said Papaya’s CEO and Co-founder, Eynat Guez. “The market has proven that prediction was correct.”
“With companies switching to remote work and compliance becoming increasingly complex, we are seeing substantial demand for Papaya’s solution, even in a challenging business environment,” Ms. Guez added.
“Papaya Global has built a best in class solution to onboard new employees, automate payroll, and manage a global workforce through a single pane of glass. Both growing and established companies have dramatically changed their working practices in recent years, and Papaya has seen impressive growth as a result. We’re excited to continue supporting them as they seek to simplify an increasingly complex challenge for some of the world’s biggest companies,” said Patrick Backhouse, Partner at Greenoaks Capital.
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“Modern enterprises are increasingly looking to combat talent shortages and rising costs in core markets by finding geographies where they can hire and innovate more quickly and more capital efficiently,” said Mark McLaughlin, General Partner at Alkeon. “Papaya’s leading technology enables their customers to seamlessly extend their human capital footprint globally in a way that is synergistic to their existing operations.”
Clients can go live with a global client within weeks (not months!) thanks to Papaya’s AI and RPA process, its ability to integrate with all data tools (such as expense management, Time and Attendance, and more), and advanced Business Intelligence that provides actionable workforce spending reports in real time.
“Papaya is not only offering the best technology in the field, but also a customer experience that has been called “mind-blowing” by our clients, a unique Center of Excellence to support clients’ needs in compliance, benefits, and labor laws globally,” Ms. Guez added.
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