Papaya Global raises USD100m in Series C funding at over USD1bn valuation
Papaya Global, a workforce management platform transforming global employment, announced today that it has raised USD100 million in a Series C funding, bringing the company’s valuation across USD1 billion.
The new investment follows Papaya’s $40 million Series B funding announced less than six months ago.
The new funding round was led by GreenOaks Capital Partners and joined by IVP Ventures and Alkeon Capital, with participation from existing investors Insight Venture Partners, Scale Venture Partners, Bessemer Venture Partners, Dynamic Loop, New Era and Workday Ventures, Access Ventures and Group 11. The new investment brings Papaya’s total funding to USD190 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.
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,” says 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,” Guez adds.
"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," says Patrick Backhouse, Partner at Greenoaks Capital.
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,” Guez adds.
With a seamless platform supporting all employment options (payroll, EoR, and contractors), employee engagement, payroll, and global payments, Papaya’s is redefining the global people management category.