Papaya Global Raises $45 million Series A Funding Round
Alex Margolin| Nov 05, 2019
At Papaya, we believe that great payroll creates great capabilities, and that great partners bring great opportunity. That’s never been more true for us than it is today.
We are proud to announce the close of a $45 million funding round led by Insight Partners, with participation from Bessemer Venture Partners and existing investors New Era Capital Partners and Dynamic Loop Capital.
The past year has been a period of hyper-growth for Papaya, and with the new investment, growth will only accelerate. The funding will go towards facilitating Papaya’s scaling and automation, and the launch of new products to further support global companies, such as benefits management and salary benchmarks.
The investment keeps Papaya on track to emerge as the biggest SaaS platform capable of supporting all types of workers – from EoR to payroll, and contractors.
“Papaya is extremely honored to gain the trust and support of two leading US-based venture capital firms – Insight Partners and Bessemer Venture Partners,” said Papaya CEO Eynat Guez.
“These partnerships mean so much to us, both for affirming the market need for our automated solution to payroll and payment management, and for the opportunities their investment affords us to help more companies of all sizes expand their workforce in over 100 countries.”
Teddie Wardi, Managing Director at Insight Partners, said Insight believes that having a system like Papaya will be as common for companies as having an ERP system. “We are thrilled to be supporting this revolution,” he said.
“Every organization knows that people are their most valuable resource, and Papaya provides a seamless and valuable tool for managing rapid workforce expansion across the globe,” he added.
Papaya’s team currently spans Tel Aviv, New York, San Francisco and Melbourne with plans to triple in growth year-over-year, in terms of clients, revenue, and employees globally. Papaya’s technology has been recognized by Deloitte, Gartner, and Visa as disruptive in the field of global payroll and payments.
Read our inside story on how we raised $45 million!