Papaya Global, an Israeli labour management platform with headquarters in Tel Aviv, raised $100 million in Series C funding, valuing the business at over $1 billion.
Papaya’s $40 million Series B round, announced less than six months ago, was followed by the fresh investment.
With the addition of the latest round of funding, which boosted the total amount raised to $190 million, previous investors Insight Venture Partners, Scale Ventures, Bessemer Ventures, Dynamic Loop, New Era and Workday Ventures, Access Ventures, and Group 11 also participated.
The company plans to invest in its product, engineering, and go-to-market teams and use the extra investment to meet demand for its worldwide workforce management platform.
Papaya is a people payroll and payment management solution supporting all types of global employment (payroll, EoR, and contractors) in more than 140 countries. It was co-founded by Eynat Guez, CEO, Ruben Drong, CPO, and Ofer Herman, CTO. Its goals are to remove obstacles to global hiring, improve collaboration and engagement, and offer a first-rate employment experience. The automated, cloud-based SaaS platform offers a full range of services, including cross-border payments, onboarding, ongoing management, and ongoing support. The platform offers real-time business analytics, removes errors, and connects with all current HRIS management products. It creates a highly visible approach for tracking payroll expenses by compiling all employee information in one location. To maintain the greatest level of security, the platform makes sure that it is GDPR and SOC compliant.