New Papaya Funding: Continuing our Global Growth
Alex Margolin| Oct 04, 2018
We are happy to announce that we have finalized a $3M USD funding round led by New Era Ventures Capital, Papaya’s current investors (among them, Sir Ronald Cohen) and other Angel investors.
This brings Papaya’s current total investments to the sum of $5.5M USD.
Founded in 2016 by Eynat Guez, Ruben Drong and Ofer Herman, Papaya Global is changing the way companies manage their global workforce.
Papaya’s SaaS platform is a total workforce management tool, providing services in payroll, contractors and PEO along with benefits and immigration in over 100 countries.
Eynat Guez, CEO of Papaya Global: “Today’s companies are growing globally at an exponential rate, 2018 has already shown a 40% total growth in workforce of US companies. These global workers are divided into freelancers, third-party employees (PEO’s) and direct employees of sub-entities.”
While candidate sourcing becomes easier, compliance and local labor laws become increasingly complex, Papaya Global simplifies this process with their innovative technology.
Global payroll management currently looks like the time before Uber, Amazon, and AirBnb where we would need to engage with very local service providers without one standard of delivery and excellence. As all of them became the standard for services consolidation in their field, Papaya is on track to be the standard for total workforce management.
Everyone expects to be paid on time, but ensuring payment on time with the right deductions, social security and pension contributions on a very tight time frame is a very complex process. Add the unknown factor of a foreign country, language barriers, manual data sources, and most importantly, the compliance and regulation of said country immensely increases the complexity.
By investing in complex AI and automation processes, Papaya makes simplifies the global workforce management and tracking process. They take a real, on-going and recurring pain of global workforce management and makes the payroll cycle minimum effort, providing a great level of management and control while increasing employee satisfaction.
We are a true “hire everywhere” enabler for companies, assuring that you can stay complaint and provide the best benefits in class wherever you choose to expand.
Papaya’s team is based in Israel, the US, Australia and China and the purpose of this funding round is to continue our global growth.
In the past year, we’ve received so many referrals from word of mouth, it has been amazing to see that VC’S, companies and Law firms have become our greatest ambassadors, and for that we are truly thankful.
Papaya currently serves 150 global clients, with 30% being fortune 5000 companies.