The Israeli start-up company Papaya Global raised $ 40 million in a second round of funding. The raising was led by the American venture capital fund Scale Venture Bytners and was attended by the new investors Workday Ventures, Access Industries alongside the existing investors Insight Venture Partners, Bessemer Ventures Partners, New Era Ventures, Group 11 and Dynamic Loop.
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Papaya Global does not reveal the value at which it raised, but it has more than doubled since the last round in 2019 and is estimated at many hundreds of millions of dollars. So far it has raised $ 95 million.
The company develops a system for global employee management, payroll and benefits, and provides services in more than 140 countries to direct employees, freelancers and third-party employees. Papaya Global, which employs about 150 people in Israel and around the world, was founded in 2016 by Einat Gaz, who serves as the company’s CEO, Reuven Drong and Ofer Herman. The company reports an increase in revenue of about 300% each year. , Wix and General Dynamics.
Gaz tells Calcalist: “This year the world has turned upside down and like everyone else, we have gone through stages of pessimism and ignorance but very quickly the realization has also come that Papaya’s solution is becoming more necessary than ever for membership in this new reality. Completely stop flights, absorb people remotely and support employees who need to get used to the reality of full-time work from home with children without frames. Raising money during such a period is not easy. “Today, everything has become distant.” “The plan is to see the company go public in the next two to three years,” she said.
Rory Odrisol, a partner at Scale Venture Partners, says: “Papaya Global’s accelerated growth is a testament to their leadership as well as their ability to streamline international payroll management. The complexity and cost of multi-regional manpower management cannot be underestimated.”
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