Israeli fintech startup Papaya Global, a global HR and payroll platform, announced a $40 million Series B funding round. The investment was led by Scale Venture Partners, with newcomers Workday Ventures and Access Industries also joining in. The round also participation from the company’s existing investor treasure chest of Insight Venture Partners, Group 11, New Era Ventures, Bessemer Venture Partners, and Dynamic Loop.
All-in-one platform for HR management
Papaya Global develops HR and payroll platforms for global workforce management, whether the employees are hired by the company, contractors, freelancers, or globally based employees of subsidiary companies.
Papaya developed a system that takes the whole global onboarding and HR services and simplifies it for companies, while also offering them complete control over the process. Papaya’s system makes excellent use of AI-powered automation to reduce a lot of the tedious contracts and paperwork, which is still done mostly manually.
Papaya Global was founded in 2016 by CTO Ofer Herman and CPO Ruben Drong, with Eynat Guez taking point as CEO. According to Pitchbook, the company has raised a total of $90 million to date.