Workforce management platform Papaya Global has raised $250m from a Series D funding round led by Insight Partners and Tiger Global.
The round also saw participation from Greenoaks Capital, Bessemer Venture Partners, Alkeon Capital, Scale Venture Partners, IVP, Workday Ventures, Group 11 and Access Industries. Following this round, Papaya has increased its valuation to $3.7bn and its total funding to $440m.
Founded in 2016, Papaya markets an automated platform that helps companies hire, onboard, manage, and pay people in more than 140 countries. The company was able to triple its revenue during 2020.
On the issue of payroll, the company claims it has dramatically reduced the time and costs for companies to go live by transforming global payroll into a single process with complete cost visibility in real time. It has also added a ‘brain’ to the process to automate data verification to save companies hours of manually verifying each data item.
According to Papaya, it will use the newly raised capital to continue Papaya’s rapid expansion and accelerate the recruitment of rapidly growing companies and Fortune 5000 clients.
Papaya co-founder and CEO Enyat Guez said, “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.
Papaya also recently introduced a full DEI dashboard aimed at supporting social responsibility. The dashboard tracks topics such as fair pay, gender distribution, attrition, retention and age distribution.
The firm claims that the dashboard provides the statistics companies require to measure their progress in areas of social impact.
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