Israel-based payroll management software developer Papaya Global has received $40m in a series B round backed by Workday Ventures, the corporate venturing arm of enterprise software publisher Workday.
The round was led by Scale Venture Partners and included ClalTech, the Israel-focused investment arm of industrial group Access Industries, in addition to Insight Partners, Bessemer Venture Partners, New Era Capital Partners, Group 11 and Dynamic Loop Capital.
Founded in 2016, Papaya markets cloud-based enterprise software that automatically manages the payroll of employees and contractors while providing oversight on labour expenditures across all of a client’s operating markets.
The software automatically accounts for the tax and employment laws of more than 140 countries, and contains tools that enable human resources professionals to easily process documentation for new hires.
Group 11 bought stock in Papaya from unnamed existing shareholders in June this year through a secondary share purchase.
Papaya closed a $45m series A round in November 2019 led by Insight Partners and backed by Bessemer Venture Partners, New Era Capital Partners and Dynamic Loop Capital.
New Era Capital Partners had previously led a $3m round for the company that closed in late 2018, investing alongside Sir Ronald Cohen, following $1.5m of funding secured at an unspecified date according to Calcalist.