Tel Aviv and New York — Papaya Global, the industry-leading workforce management platform transforming global employment, announced today that it has raised $250 million in Series D funding, bringing the company’s valuation to $3.7 billion and Papaya’s total funding to date to $440 million. Papaya’s valuation has increased tenfold since September 2020.
The new funding round was led by New York-based global private equity and venture capital firm Insight Partners and joined by Tiger Global, with participation from existing investors Greenoaks Capital, IVP, Scale Venture Partners, Bessemer Venture Partners, Alkeon Capital, Workday Ventures, Access Industries and Group 11. Funding will be used to continue Papaya’s rapid expansion and accelerate the recruitment of rapidly growing companies (pre/post IPO) and Fortune 5000 clients.
Papaya, the global people management platform for the remote work era – which tripled its revenue in 2020 – provides a radically simple solution for managing and paying all types of global workers in full compliance, from onboarding to payments, in over 140 countries. The company is transforming global payroll to be fast, accurate and on time with its unique technology that automates the whole process, captures discrepancies and eliminates mistakes.
“2021 is a breakthrough year for Papaya,” said Papaya Global Co-founder and CEO Eynat Guez. “We set a new standard for global payroll management by introducing our ‘Total Payroll’ offering, a technology solution for managing all global payroll activities through a single panel, including equity and benefits. This latest round of funding, which follows our Series C only six months ago, will allow Papaya to continue its hyper-growth as we expand globally.”
“Papaya is redefining the global people management category with its best-in-field technology and superior customer experience, supporting needs in compliance, benefits and labor law globally. Its seamless platform supporting all employment options (payroll, EoR and contractors), employee engagement, payroll and global payments makes it a stand out,” said Teddi Wardi, Managing Director at Insight Partners. “We’re thrilled to continue our partnership with Papaya and watch the company grow.”
“The last round of funding was just months ago, and yet the Papaya team made it a no-brainer for us to double down and invest further,” said Cack Wilhelm, Partner at IVP. “The market trends of distributed work are a tailwind, and the team has done a remarkable job of capturing the opportunity.”
New DEI Dashboard Supports Social Responsibility
Today, Papaya is proud to announce a new capability – a full DEI dashboard to support another aspect of the business – social responsibility. The new HR DEI dashboard tracks essential KPIs such as fair pay, gender distribution, retention, attrition and age distribution. It provides the statistics companies need to measure their progress and display their success in areas of social impact. Papaya’s SaaS software unifies all workforce management tasks under one platform – from onboarding through payroll and payments – in over 140 countries.
Payroll is a mission-critical process at every company. Papaya has transformed three of the primary obstacles companies face:
- Papaya dramatically reduced the time and costs for companies to go live by transforming global payroll into a single process with complete cost visibility in real time – something a global organization would need 2-5 years to implement and cost millions. Papaya can do it in three months or less.
- Papaya added a “brain” to the payroll process to automate data verification, saving organizations hours of manually verifying every item from the massive amount of data collected month after month after month.
- Papaya controls and monitors all client data – from collection through processing and payments – to ensure privacy and to prevent data breaches and fraud.
Papaya can take any organization live in record time, including full onboarding, with zero IT resources on the client side. This is a game-changer in the industry and one of the catalysts for the company’s current hyper growth. Papaya is currently the best solution for companies pre/post IPO, all the way to Fortune clients.
Co-founded by Eynat Guez, CEO, Ruben Drong, CPO and Ofer Herman, CTO, Papaya 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 three years and reflects strong demand for Papaya’s unique offering in global workforce management. This year, Papaya was selected to the Forbes “Cloud 100” list of the world’s most important cloud companies.
“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,” Guez said.
For more information on Papaya Global, visit Papayaglobal.com.