Papaya Global Raises $40M Series B for Payroll and HCM

Papay Global, an Israeli startup that provides cloud-based payroll, as well as hiring, onboarding and compliance services for organizations that employ full-time, part-time, or contractors outside of their home country, announced the close of a $40 million funding round led by Scale Venture Partners, with participation from Workday Ventures, Access Industries (via its Israeli vehicle Claltech), and all existing investors: Insight Venture Partners, Bessemer Ventures Partners, New Era Ventures, Group 11, and Dynamic Loop. The new funding round comes 10 months after Papaya completed a Series A round, bringing investment in the company to a total of $95M USD.
“Payroll is an exciting industry and relevant to any enterprise, especially those that intend to expand internationally,” CEO and Co-Founder Eynat Guez said. “However, it is painfully complex to manage payroll in different countries with multiple suppliers while maintaining a grasp of the nuances of local compliance and particular local payroll components. These pain points are experienced by companies of all sizes.”
The funding will be used to support the company’s rapid growth, invest more in scaling and automation, and launch new products to further support global companies, such as benefits management and salary benchmarks.