Papaya Global, a Tel Aviv, Israel-based workforce management platform, raised $100m in Series C funding, bringing the company’s valuation across $1 billion.
The new investment follows Papaya’s $40m Series B funding announced less than 6 months ago.
The new round, which brought total funding to $190m, was led by GreenOaks Capital Partners and joined by IVP Ventures and Alkeon, with participation from existing investors Insight Venture Partners, Scale Ventures, Bessemer Ventures, Dynamic Loop, New Era and Workday Ventures, Access Ventures and Group 11.
The company will use the new funding to meet the demand for its global workforce management platform and invest in its product, engineering and go-to-market teams.
Co-founded by Eynat Guez, CEO, Ruben Drong, CPO and Ofer Herman, CTO, Papaya offers a people, payroll, and payment management solution supporting all types of global employment (payroll, EoR, and contractors) in over 140 countries to remove barriers to global hiring, enhance collaboration and engagement, and provide a first-rate employment experience. The automated, cloud-based SaaS platform provides an end-to-end solution, from onboarding to on-going management and cross-border payments. The platform integrates with all existing HRIS management tools, provides real-time business intelligence, and eliminates errors. It gathers all employee information into one place, creating a highly visible system for tracking payroll spending. The platform ensures GDPR and SOC compliance to maintain the highest standard of security.
The team currently spans Tel Aviv, New York, Austin, London, Kiev, and Melbourne.