TEL AVIV, Israel, March four, 2021 /PRNewswire/ — Papaya International, the industry-leading workforce administration platform reworking world employment, introduced in the present day that it has raised $100 million in a Sequence C funding, bringing the corporate’s valuation throughout $1 billion.
The brand new funding follows Papaya’s $40 million Sequence B funding introduced lower than 6 months in the past.
The brand new funding spherical was led by GreenOaks Capital Companions and joined by IVP Ventures and Alkeon, with participation from present buyers Perception Enterprise Companions, Scale Ventures, Bessemer Ventures, Dynamic Loop, New Period and Workday Ventures, Entry Ventures and Group 11. The brand new funding brings Papaya’s whole funding to $190 million.
Papaya’s SaaS software program unifies all workforce administration duties underneath one platform – from onboarding by way of payroll and funds – in over 140 nations. Not too long ago, Papaya launched an HRIS performance to boost the employment expertise and radically simplify workforce administration.
Papaya’s modern strategy to the full workforce – permitting corporations to rent and handle high expertise anyplace and supply a high-level worker expertise – shortly pushed Papaya to a commanding lead within the world workforce market.
Papaya will use the brand new funding to satisfy the sturdy demand for its world workforce administration platform, reinforce its market management, and spend money on its product, engineering and go-to-market groups.
Co-founded by Eynat Guez, CEO, Ruben Drong, CPO and Ofer Herman, CTO, Papaya International has been on a hyper-growth trajectory. The funding comes on the heels of 300% income development year-over-year for every of the final three years and displays sturdy demand for Papaya’s distinctive providing in world workforce administration.
“We made a daring prediction in 2016 that Papaya’s expertise would emerge as essentially the most vital innovation for the worldwide workforce and that we might turn into a regular for workforce administration, simply as ERP has in finance,” stated Papaya’s CEO and Co-founder, Eynat Guez. “The market has confirmed that prediction was appropriate.”
“With corporations switching to distant work and compliance changing into more and more advanced, we’re seeing substantial demand for Papaya’s resolution, even in a difficult enterprise atmosphere,” Ms. Guez added.
“Papaya International has constructed a greatest at school resolution to onboard new workers, automate payroll, and handle a worldwide workforce by way of a single pane of glass. Each rising and established corporations have dramatically modified their working practices in recent times, and Papaya has seen spectacular development because of this. We’re excited to proceed supporting them as they search to simplify an more and more advanced problem for a number of the world’s largest corporations,” stated Patrick Backhouse, Accomplice at Greenoaks Capital.
“Fashionable enterprises are more and more seeking to fight expertise shortages and rising prices in core markets by discovering geographies the place they’ll rent and innovate extra shortly and extra capital effectively,” stated Mark McLaughlin, Normal Accomplice at Alkeon. “Papaya’s main expertise permits their clients to seamlessly prolong their human capital footprint globally in a means that’s synergistic to their present operations.”
Shoppers can go dwell with a worldwide shopper inside weeks (not months!) because of Papaya’s AI and RPA course of, its means to combine with all information instruments (equivalent to expense administration, Time and Attendance, and extra), and superior Enterprise Intelligence that gives actionable workforce spending experiences in actual time.
“Papaya just isn’t solely providing the most effective expertise within the discipline, but additionally a buyer expertise that has been known as “mind-blowing” by our shoppers, a singular Middle of Excellence to assist shoppers’ wants in compliance, advantages, and labor legal guidelines globally,” Ms. Guez added.
With a seamless platform supporting all employment choices (payroll, EoR, and contractors), worker engagement, payroll, and world funds, Papaya’s is redefining the worldwide folks administration class.
About Papaya International
Papaya provides a folks, payroll, and cost administration resolution supporting all varieties of world employment (payroll, EoR, and contractors) in over 140 nations to take away obstacles to world hiring, improve collaboration and engagement, and supply a first-rate employment expertise.
The automated, cloud-based SaaS platform offers an end-to-end resolution, from onboarding to on-going administration and cross-border funds. The platform integrates with all present HRIS administration instruments, offers real-time enterprise intelligence, and eliminates errors. It gathers all worker info into one place, making a extremely seen system for monitoring payroll spending. The platform ensures GDPR and SOC compliance to take care of the very best normal of safety.
Papaya’s staff at present spans Tel Aviv, New York, Austin, London, Kiev, and Melbourne, with plans to triple in development year-over-year by way of shoppers, income, and workers globally. Papaya’s expertise has been acknowledged by all main world analysts, together with Gartner, Visa, NelsonHall and others, as disruptive within the discipline of worldwide folks, payroll, and funds.
For extra info on Papaya International, go to Papayaglobal.com
SOURCE Papaya International