Papaya Global is the Israel-based, industry-leading workforce management platform transforming global employment. Its SaaS software unifies all workforce management tasks under one platform – from onboarding through payroll and payments – in over 140 countries. Papaya’s team currently spans Tel Aviv, New York, Austin, London, Kiev, and Melbourne, with plans to triple in growth year-over-year in terms of clients, revenue, and employees globally.
Papaya’s innovative approach to the total workforce enables companies to hire and manage top talent anywhere and provide a high-level employee experience. This has quickly pushed Papaya to a commanding lead in the global workforce market.
Co-founded in 2016 by Eynat Guez, Ruben Drong, and Ofer Herman, Papaya Global has been on a hyper-growth trajectory. The company has seen 300% revenue growth year-over-year for the last three years, reflecting a strong demand for Papaya’s unique offering in global workforce management.
Prior to launching Papaya, Guez spent more than a decade in Human Resources, as the CEO of Israel-based Relocation Source and then as CEO at Expert Source, both roles which helped companies expand into new geographies. The single metric most HR departments used, whether for payroll or worker classifications, made legalities and compliance in different countries all the more complicated. This is where the idea for Papaya was born.
Now the company has announced that it has raised $100 million in a Series C round, which pushes the company’s valuation to $1.2 billion. The company’s total funding is now $160 million, with 75% rolling in over the past six months. In 2020, the company raised $40 million in a Series B Round and in 2019 a Series A round that pulled in $45 million. The company is the only Israeli unicorn to be led by a female entrepreneur, its Co-Founder and Chief Executive Officer, Guez.
The 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.
Papaya says it 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.