Israel: Papaya Global, the industry-leading workforce management platform transforming global employment, announced today that it has raised $100 million in Series C funding, bringing the company’s valuation across $1 billion.
The new funding round 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 new investment brings Papaya’s total funding to $190 million.
Papaya will use the new funding to meet the strong demand for its global workforce management platform, reinforce its market leadership, 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 Global has been on a hyper-growth trajectory. 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.
“We made a bold prediction in 2016 that Papaya’s technology would emerge as the most significant innovation for the global workforce and that we would become a standard for workforce management, just as ERP has in finance,” said Papaya’s CEO and Co-founder, Eynat Guez. “The market has proven that prediction was correct.”
“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,” Ms. Guez added.
“Modern enterprises are increasingly looking to combat talent shortages and rising costs in core markets by finding geographies where they can hire and innovate more quickly and more capital efficiently,” said Mark McLaughlin, General Partner at Alkeon. “Papaya’s leading technology enables their customers to seamlessly extend their human capital footprint globally in a way that is synergistic to their existing operations.”
“Papaya is not only offering the best technology in the field, but also a customer experience that has been called “mind-blowing” by our clients, a unique Center of Excellence to support clients’ needs in compliance, benefits, and labor laws globally,” Ms. Guez added.