Papaya raised $250 million in Series D funding and reached a valuation of $3.7 billion, a tenfold increase over 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. The new investment brings Papaya’s total to $440 million raised to date.
“2021 has been and continues to be a breakthrough year for Papaya,” said Papaya Global Co-Founder and CEO Eynat Guez. “Papaya can take any organization live in record time – less than 3 months, including full onboarding – with zero IT resources on the client side. This is a game-changer in the industry and one of the catalysts for our current hyper growth. Guez said that companies are switching to remote work, making compliance more complex. “We are seeing substantial demand for Papaya’s solution, even in a challenging business environment,” she said, per the report.
The rapid growth comes from the adoption of more remote work and global hiring practices amid the pandemic. Papaya’s services, based on the cloud, can help with global hiring — including onboarding, ongoing management and cross-border payments.
With the new funding, Papaya said it plans to focus on growth and attracting new, larger clients, including Fortune 500 companies.