Oyster, a London, UK- and San Francisco, CA-based provider of a human resources platform, raised a $50m Series B funding round.
The round was led by Stripes with participation from existing investors Emergence Capital and The Slack Fund and with the addition of Avid Ventures.
The company intends to use the funds to expand its HR platform to more countries around the world.
Founded in Jan 2020 by Tony Jamous and Jack Mardack, Oyster is an HR platform for globally distributed companies. It enables growing companies to hire anywhere in the world with compliant payroll and local benefits and perks.
Revenue increased by 8X since the beginning of 2021, from a growing number of Distributed HR offerings, including multiple modes of employment (for both Contractors and Full-Time Employees), and an assortment of Benefits catering to the special needs of distributed teams. Oyster has also expanded its country coverage to 91 countries which account for more than 95% of the employable knowledge workers of the world. Those countries include India, Egypt, Peru, the Philippines, Lebanon, Thailand, Nigeria among others from the developing world.