Raising $250 Million, The Leading Future Of Work Startup Has Increased Valuation 10x In One Year

By Gil Press, Contributor

The Future of Work is a very hot at present. A prime example is global workforce management platform Papaya Global which raised $250 million in Series D funding, bringing the company’s valuation to $3.7 billion. Papaya’s valuation has increased tenfold since September 2020. 

The new funding round was led by New York-based global private equity and venture capital firm Insight Partners and joined by Tiger Global, with participation from existing investors Greenoaks Capital, IVP, Scale Venture Partners, Bessemer Venture Partners, Alkeon Capital, Workday Ventures, Access Industries and Group 11.

Eynat Guez, co-founder and CEO, Papaya Global Papaya Global

When I talked to co-founder and CEO Eynat Guez last March, she said Papaya’s ambition was “to be the Salesforce for the workforce.” At the time, Papaya has reached a mere $1.2 billion in valuation after raising $300 million in Series C funding. Now the fast-growing company is the top-funded company in the global payroll space, tripling its revenue in 2020. Papaya is on track to multiply its revenues by 3.5x in 2021.

Guez told Israel-based Calcalist that she believes this will be the last funding round for the company before going public. She says every funding round represents a new vote of confidence by investors and that the company is planning to raise additional funds in a secondary round of funding.

Papaya’s SaaS software unifies all workforce management tasks under one platform, from onboarding through payroll and payments, in over 140 countries. In addition, it now launched a full Diversity, Equity and Inclusion (DEI) dashboard to support another aspect of the business, social responsibility. The new DE&I dashboard tracks essential KPIs such as fair pay, gender distribution, retention, attrition, and age distribution. It also provides the statistics companies need to track their progress and display their success in areas of social impact. 

“2021 is a breakthrough year for Papaya,” Guez said in a statement. “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,” she added.

Remote work, reduced business travel, recruiting talent wherever they are in the world. These trends are going to stay with us for a long time and require global workforce management. We have also seen recently increased localization, with countries re-asserting their national borders, focusing on their own economies, workers, and specific ways of conducting business. That has meant increasing business for a company like Papaya Global, helping businesses navigate the changing landscape of workforce management worldwide.

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