Israel-headquartered human resources software provider Papaya Global secured $250m in series D funding yesterday from investors including conglomerate Access Industries and Workday Ventures, the corporate venturing arm of enterprise software producer Workday.
Growth equity firm Insight Partners led the round, which also featured Tiger Global Management, Greenoaks Capital, IVP, Scale Venture Partners, Bessemer Venture Partners (BVP), Alkeon Capital and Group 11. It valued the company at $3.7bn.
Papaya has built a cloud software platform that helps businesses recruit and onboard employees globally, organise payroll and ensure regulatory compliance across multiple markets.
The valuation was more than triple the $1.2bn valuation at which the company last raised money, in a $100m series C round in March this year that included Workday Ventures and Access Industries vehicle Access Ventures.
GreenOaks Capital Partners led the March round, which was also backed by IVP, Alkeon Capital, Insight Partners, Scale Venture Partners, BVP, Group 11, Dynamic Loop and New Era Capital Partners.
Workday, Access Industries subsidiary ClalTech, Scale Venture Partners, Insight Partners, BVP, New Era Capital Partners, Group 11 and Dynamic Loop Capital had supplied $40m in series B funding for Papaya in October 2020.
The company had previously raised $49.5m in earlier rounds from investors including Insight Partners, BVP, New Era Capital Partners, Dynamic Loop Capital and Ronald Cohen.
Eynat Guez, founder and chief executive of Papaya, said: “2021 has been and continues to be a breakthrough year for Papaya.
“Papaya can take any organisation 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.”
