When Papaya became a Unicorn in March with a valuation of $1.2 billon, we knew we were just getting started.
Now, six months later, Papaya raised $250 million in Series D funding and reached a valuation of $3.7 billion, a tenfold increase over September 2020.
“2021 has been and continues to be a breakthrough year for Papaya,” said Papaya Global Co-Founder and CEO Eynat Guez. “Papaya can take any organization live in record time – less than 3 months, 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 our current hyper growth.
“Papaya is currently the best solution for companies pre/post IPO, all the way to Fortune 5000 clients,” she added. “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.”
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.
The new investment brings Papaya’s total to $440 million raised to date.
Teddi Wardi, Managing Director at Insight Partners, said Papaya was redefining the global people management experience and praised Papaya’s “best-in-field technology and superior customer experience.”
“Its seamless platform supporting all employment options (payroll, EoR, and contractors), employee engagement, payroll, and global payments makes it a standout,” he said. “We’re thrilled to continue our partnership with Papaya and watch them grow.”
Cack Wilhelm, a Partner at IVP, said it was a “no-brainer” to increase investment in Papaya. “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,” she said. “The market trends of distributed work are a tailwind, and the team has done a remarkable job of capturing the opportunity.”
A Breakthrough Year for Papaya
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 was selected to the Forbes “Cloud 100” list of the world’s most important cloud companies.
The funding round will be used to continue Papaya’s rapid expansion and to accelerate the recruitment of rapidly growing companies (pre/post IPO) and Fortune 5000 clients.
Papaya set a new standard for global payroll management by introducing the “Total Payroll” offering – a technology solution for managing all global payroll activities through a single panel, including equity management and benefits.
Papaya also transformed three of the primary obstacles companies face in global payroll and workforce management:
- Papaya dramatically reduced the time and cost 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 3 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.
Get the Papaya Experience in People, Payroll, and Payment Management
Papaya offers a total workforce solution, supporting all types of global workers (payroll, EoR, and contractors) in over 140 countries.
Our automated, cloud-based SaaS payroll software provides an end-to-end solution, from onboarding and people management to payroll processing to payments.
The automated platform ensures payroll compliance, provides benefit management, and ensures data privacy in compliance with GDPR. Papaya’s knowledge center provides updated information on salary benchmarks, mandatory benefits, tax rates, and more – everything you need to know before hiring overseas.
Contact us for a strategic consultation on our global workforce management platform.