US-based human resources software provider Oyster received $150m in series C funding yesterday from investors including corporates Salesforce, Okta, Slack, PayPal and Indeed.com at a valuation above $1bn.
The round was led by growth equity firm Georgian and also featured Endeavor Catalyst, Base10, Partners Advancement Initiative, Emergence Capital, Stripes, Avid Ventures and People Tech Partners. It brought the company’s total funding to $227m.
Enterprise software provider Salesforce, digital payment processor PayPal and online recruitment platform developer Indeed invested through subsidiaries Salesforce Ventures, PayPal Ventures and HR Tech Investments respectively, while communication app developer Slack and identity management technology producer Okta took part directly.
Founded in early 2020, Oyster provides a human resources software platform designed for remote working and globally distributed workforces, helping businesses train, manage, provide local benefits and manage payroll for employees spread around the globe.
The company claims to have experienced a 20-fold increase in revenue in 2021 and increased the number of people hired through its platform by 34 times.
Slack subsidiary Slack Fund participated in Oyster’s $50m series B round, which was led by Stripes in June 2021 at a $475m valuation and which included Emergence Capital and Avid Ventures. It came four months after Emergence Capital led a $20m series A that also featured Slack Fund and Connect Ventures.
Connect Ventures led the company’s $4.2m seed round the previous year, investing alongside Kima Ventures, Sorenson Ventures and Taavet Hinrikus.
Oyster CEO Tony Jamous said in a blog post: “Oyster customers are projected to use our platform to pay more than $50m to talent located in emerging economies by the end of 2022. This represents 25% of the team members employed through Oyster. This is energising, and further crystalises the importance of work that is done with the greater good in mind.”
Image courtesy of Oyster HR, Inc.
