Workforce Management Startup Papaya Global Raises $250 Million at $3.7 Billion Valuation

By Adriaan Brits Monday, September 13, 2021

Workforce management startup company Papaya Global announced it secured $250 million in the Series D business funding round.

Papaya Global co-founders Ofer Herman, Eynat Guez, and Ruben Drong.

Transforming the Global People Management Business Sector

Following the latest business funding round, the startup company is now valued at $3.7 billion. The Series F funding round was led by Insight Partners. Tiger Global, as well as existing investors Greenoaks Capital, IVP, Scale Venture Partners, Bessemer Venture Partners, Alkeon Capital, Workday Ventures, Access Industries, and Group 11, also participated in the funding round.

The startup company, which has raised $440 million in business funding so far, plans to use the new capital to facilitate its expansion and expedite the recruitment of companies with strong growth prospects and Fortune 5000 clients. 

Papaya Global has developed a global workforce management platform that represents a very simple-to-use and efficient solution to manage and pay all types of global workers across the globe. The startup company’s technology automates the process of global payrolls, hence drastically reducing the number of mistakes.

“2021 is a breakthrough year for Papaya. 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,” said Eynat Guez, co-founder and CEO of Papaya Global. 

Teddi Wardi, the managing director at Insight Partners, said the startup company is transforming the global people management sector thanks to 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,” Wardi added.

In addition to new business funding, Papaya Global also unveiled a new full DEI Dashboard meant to improve social responsibility. The new feature tracks essential KPIs, including fair pay, gender distribution, retention, attrition, and age distribution. It also offers statistics that show the companies their progress and helps them see their social impact. 

Papaya Global has achieved hyper-growth, increasing its business valuation by tenfold since September 2020. The new funding comes after the startup company saw business revenue growth of more than 300% year-over-year for each of the past three years.

Robust growth indicates a very strong demand for its solution in the global workforce management sector. The startup company was also one of the Forbes “Cloud 100” companies this year — a list of the most significant cloud companies in the world. 

Papaya claims its solutions are able to take any organization live in no time without the need for clients’ IT resources. The startup company said its ultimate aim is to revolutionize the global workforce management industry with many considering its platform the best solution for companies pre/post IPO.

Papaya Global currently has footholds in Tel Aviv, New York, Austin, London, Kiev, Singapore, and Melbourne. The company also has some of the world’s top global analysts as its clients, including Gartner, Visa, NelsonHall, and others.

Summary

Papaya Global, a startup company that developed a game-changing workforce management platform, raised $250 million in a Series D business funding round led by Insight Partners. The latest round takes Papaya’s valuation to $3.7 billion and its total funding raised to $440 million.

About the Author


Headshot for author Adriaan Brits

As an analyst of global affairs, Adriaan has an MSC from Oxford, with diverse interests in the digital economy, entertainment, and business. He is a specialist trainer in Advanced Analytics & Media.

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