Israeli payroll solutions company Papaya Global has announced a $100 Series C financing round at a company valuation of over $1 billion. The financing was led by GreenOaks Capital Partners together with new investors IVP Capital and Alkeon Capital and existing investors including Insight Venture Partners, Bessemer Venture capital, and Scale Venture Capital. The company has now raised $195 million, after raising $40 million last September.
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Papaya Global CEO Einat Guez said the company had no plans to raise more money. She said, “My aim was to expand the company and get on with business and not look for investors or raise money. But GreenOaks contacted us and said that they had done market research on us, which I really liked, and they spoke about the importance of our field in the new world of work and presented us as the market leaders. They also gave us an offer we couldn’t refuse.”
The company has 200 employees including 100 in Israel and plans to more than double the workforce to 500 by the end of the year.
Papaya Global was founded in 2016 by Guez, CTO Ofer Herman and CPO Ruben Drong and was chosen of one of “Globes” top ten most promising startups in 2019.
Papaya’s platform creates an automated process to solve the complexity of payroll data management. It meets the highest privacy standards and security regulations (GDPR, ISO, SOC) and increases employee engagement within organizations.
Published by Globes, Israel business news – en.globes.co.il – on March 4, 2021
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