Israeli startup Papaya Global which offers a cloud based platform for companies to handle their payrolls, has just reached a billion dollar plus valuation. The company became the latest from Startup Nation to achieve the coveted unicorn status with the close of a $100 million Series C funding round, led by GreenOaks Capital Partners.
Papaya Global boasts a 300% revenue growth year-over-year for each of the last 3 years. The company says that its reaching unicorn level reflects strong demand for Papaya’s offering in global workforce management. Papaya provides what it calls a radically simple solution for managing and paying all types of global workers in full compliance.
We have been hearing the word unicorn a lot lately in Israel. Papaya is now the fourth Israeli startup to reach a billion dollar plus valuation so far in 2020, and the third just this month. Earlier this week Wiz, which offers cloud computing services, said that it was set to become a unicorn. Wiz will reach this milestone when it soon completes another $100 million round of new investment.
Axonius, an Israeli cybersecurity startup, is also now worth more than $1 billion. The company declared this to be the case this week as it added another $100 million in new investment. This latest round follows a 2020 investment of $58 million, increasing total funding to $195 million leaving the startup with unicorn status.
In January, the Israeli fintech company Melio announced the raising of $110 million in Round B funding which gave it a $1.3 billion valuation, just a year and a half since the company launched in May 2019. The company has grown by 2,000% in one year.
Melio provides a single, integrated tool that allows small businesses to transfer and receive payments in a faster, easier way; giving oversight and control over cash flow, reducing or eliminating late payment costs, and giving businesses back valuable time.
Founded in 2016, Papaya Global says that it is reinventing global payroll, payments, and workforce management. The company declares that its automated platform helps companies hire, onboard, manage, and pay people in more than 140 countries. The cloud-based solution is “easy to use and scale, ensures full compliance and provides industry-leading BI and analytics.”
— Papaya Global (@Papaya_Global) March 4, 2021
“We made a bold prediction in 2016 that Papaya’s technology would emerge as the most significant innovation for the global workforce and that we would become a standard for workforce management, just as ERP has in finance,” said Papaya’s CEO and Co-founder, Eynat Guez. “The market has proven that prediction was correct.
“With companies switching to remote work and compliance becoming increasingly complex, we are seeing substantial demand for Papaya’s solution, even in a challenging business environment,” Ms. Guez added.