TEL AVIV, Israel, Nov. 5, 2019 /PRNewswire/ — Papaya Global, the global payroll and payment management platform, today announced 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.
Papaya Global was founded three years ago by Eynat Guez, Ruben Drong and Ofer Herman with a vision to reinvent the global payroll and payment industries. 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.
"Payroll is an exciting industry and relevant to any enterprise, especially those that intend to expand internationally," said Guez. "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 particularly local payroll components. These pain points are experienced by companies of all sizes."
Papaya's platform currently serves clients both large and small including, Kong, Rubrik, Yubico, Sonder, Fiverr, Wix, Microsoft, Teradata, CyberArk and more.
After a period of hyper-growth, Papaya Global is emerging as the biggest SaaS platform capable of supporting all types of workers – from EoR to payroll, and contractors. Papaya covers 100 countries and all aspects of employment – from onboarding, to automation of all payroll cycles, to cross-border payments.
While offering an exceptional UI experience for its clients, 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.
"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," said Teddie Wardi, Managing Director at Insight Partners.
"We believe that in a few years, having a system like Papaya will be as common for companies as having an ERP system, and we are thrilled to be supporting this revolution," 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.
"Papaya is extremely honored to gain the trust and support of two leading US-based venture capital firms – Insight Partners and Bessemer Venture Partners – and we look forward to the exciting years ahead," said Guez.
About Papaya Global
Papaya Global offers a total workforce management solution supporting all types of global workers (payroll, EoR, and contractors) in over 100 countries. The automated, cloud-based SaaS platform provides an end-to-end solution, from onboarding to on-going management and cross-border payments. The platform integrates with all existing workforce management tools, provides real-time business intelligence, and eliminates errors. It gathers all employee information into one place, creating a highly visible system for tracking payroll spending. The platform ensures GDPR and SOC compliance to maintain the highest standard of security.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
About Bessemer Venture Partners
Bessemer Venture Partners is the world's most experienced early-stage venture capital firm. With a portfolio of more than 200 companies, Bessemer helps visionary entrepreneurs lay strong foundations to create companies that matter and supports them through every stage of their growth. The firm has backed more than 120 IPOs, including Pinterest, Shopify, Yelp, LinkedIn, Skype, LifeLock, Twilio, SendGrid, PagerDuty, DocuSign, Wix, and MindBody. Bessemer's 15 partners operate from offices in Silicon Valley, San Francisco, New York City, Boston, Israel, and India. For more information please visit www.bvp.com.
About New Era Capital Partners
New Era Capital Partners is an early-growth venture fund chaired by co-founder Chemi Peres and managed by co-founders Gideon Argov and Ran Simha. New Era invests alongside exceptional entrepreneurs who seek to improve our world and supports their efforts in building leading technology-focused global enterprises. The fund's primary goal is to deliver superior returns to its limited partners while investing in frontier technologies in sectors undergoing disruption and structural change. New Era Capital Partners is a signatory of the UN Principles of Responsible Investments (UNPRI) and adopted its six principles. www.neweracp.com
About Dynamic Loop Capital
Dynamic Loop Capital is Sir Ronald Cohen's private investment vehicle, selectively investing in and supporting socially responsible and disruptive technology companies. The fund looks for extraordinary teams with purposeful missions and a strong technological edge, aiming to dramatically impact society at large. www.dlcap.com