It’s official. We’re a Unicorn!
We’re proud to announce the close of a $100 million Series C funding round, bringing the company’s valuation to over $1 billion.
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. Papaya has emerged as the top global workforce management platform for the remote work era, providing a radically simple solution for managing and paying all types of global workers in full compliance.
The funding round was led by GreenOaks Capital Partners and joined by IVP and Alkeon, with participation from existing investors Insight 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 $190 million.
Papaya’s innovative approach to the total workforce – allowing companies to hire and manage top talent anywhere and to provide a high-level employee experience – quickly pushed Papaya to a commanding lead in the global workforce market.
“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,” said Patrick Backhouse, Partner at Greenoaks Capital.
“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,” he added.
“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.”
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.
“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.
The Papaya Platform allows companies to manage all aspects of their distributed teams – from onboarding to payroll processing to cross-border payments – through a single, unified system.
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,” Eynat Guez said.
With a seamless platform supporting all employment options (payroll, EoR, and contractors), employee engagement, payroll, and global payments, Papaya’s is redefining the global workforce management category.