TEL AVIV, Israel & NEW YORK--(BUSINESS WIRE)--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 standout,” 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.
About Papaya Global
Papaya offers a people, payroll and payment management solution supporting all types of global employment (payroll, EoR, and contractors) in over 140 countries to remove barriers to global hiring, enhance collaboration and engagement, and provide a first-rate employment experience.
The automated, cloud-based SaaS platform provides an end-to-end solution, from onboarding to ongoing management and cross-border payments. The platform integrates with all existing HRIS management tools, provides real-time business intelligence and eliminates errors. It gathers all employee information into one place, creating a highly visible system for tracking payroll spending. The platform ensures GDPR and SOC compliance to maintain the highest standard of security.
Papaya’s team currently spans Tel Aviv, New York, Austin, London, Kiev, Singapore and Melbourne. Papaya’s technology has been recognized by all leading global analysts, including Gartner, Visa, NelsonHall and others, as disruptive in the field of global people, payroll and payments. See our technology here. Follow us on Twitter @Papaya_Global.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
About Tiger Global
Tiger Global Management is an investment firm focused on private and public companies in the internet, software, and financial technology sectors. Since 2001, Tiger Global has invested in hundreds of companies across more than 30 countries, including investments ranging from Series A to pre-IPO. The firm aims to partner with dynamic entrepreneurs operating market-leading companies in its core focus areas. Tiger Global's investments have included JD.com, UiPath, Stripe, Databricks, Bytedance, Snowflake, Facebook, Alibaba, Procore, Chime, Blend, Peloton, Attentive, LinkedIn, Flipkart, and Toast.
About Alkeon Capital
Alkeon Capital Management, LLC is a privately owned registered investment adviser. The firm invests in the global equity markets and employs long/short equity strategies to make its investments. Alkeon Capital Management has offices in New York, San Francisco and Hong Kong.
About Bessemer Venture Partners
Bessemer Venture Partners is the world's most experienced early-stage venture capital firm. With a portfolio of more than 200 companies, Bessemer helps visionary entrepreneurs lay strong foundations to create companies that matter, and supports them through every stage of their growth. The firm has 130 IPOs, including Pinterest, Shopify, Twilio, Yelp, LinkedIn, Skype, LifeLock, PagerDuty, DocuSign, Wix, MindBody, and Fiverr. Bessemer's team of investors and partners are positioned all over the world in Silicon Valley, San Francisco, New York, Boston, Tel Aviv, Bangalore, and Beijing. Follow @BessemerVP and learn more https://www.bvp.com.
About Greenoaks Capital
Founded in 2012, Greenoaks is a global investment firm that makes concentrated, long-term investments in technology-enabled businesses around the world. At Greenoaks, we believe a small handful of companies define each generation. Our sole mission is to identify these companies early in their life cycles and partner with their founders for decades. We’ve led investments in companies such as Discord, Brex, and Toast in the US; Deliveroo in Europe; Coupang in South Korea; and Kavak in Latin America.
About Group 11
Group 11 invests in revolutionary software companies that are redrawing the landscape of the financial services industry. As FinTech continues to gain momentum and to disrupt the traditional industry value chain, Group 11 has positioned itself as a partner of choice to provide capital and guidance to entrepreneurs that are creating the world’s next generation of financial services industry leaders. Since its inception, the firm has deployed over $500 million in some of Silicon Valley’s most prominent and disruptive financial technology companies, including Papaya Global, Tipalti, TripActions, HomeLight, SunBit, Next Insurance, Addepar, Lili, and EquityBee to name a few.
Founded in 1980, IVP is one of the premier later-stage venture capital and growth equity firms in the United States. IVP has invested in over 400 companies, 125 of which have gone public. IVP is one of the top-performing firms in the industry and has a 40-year IRR of 43.1%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. IVP investments include such notable companies as AppDynamics (CSCO), Attentive, Brex, Coinbase (COIN), Compass (COMP), CrowdStrike (CRWD), Datadog (DDOG), Discord, Dropbox (DBX), GitHub (MSFT), Glossier, Grammarly, HashiCorp, Hims & Hers (HIMS), Hopin, Klarna, LegalZoom (LZ), Looker (GOOGL), Marketo (MKTO), MasterClass, Mindbody (MB), MuleSoft (CRM), Netflix (NFLX), Niantic, Podium, Robinhood (HOOD), Rubrik, Slack (WORK), Snap (SNAP), Supercell (Tencent), Tanium, Twitter (TWTR), UiPath (PATH), Wise (WISE), ZipRecruiter (ZIP), and Zynga (ZNGA). For more information, visit www.ivp.com or follow IVP on Twitter: @ivp.
About Scale Venture Partners
Scale is an early-stage venture capital firm focused on intelligent business software with a Scaling Platform that has helped companies like Box, Bill.com, Hubspot, Docusign, JFrog, and WalkMe move from founder-led growth to a repeatable go-to-market machine. Learn more at scalevp.com.