Papaya Global raises $250m at $3.7b valuation

• Published date: 11 September 2021

This latest financing round was co-led by existing investor Insight Partners and new investor Tiger Global and with the participation of Bessemer Ventures, IVP, Alkeon Capital, Workday Ventures, Access Industries and Group 11. This brings to $440 million the total amount raised by the company.

Papaya Global was founded in 2016 by Einat Guez, CTO Ofer Herman and CPO Ruben Drong and is the only Israeli unicorn headed by a woman.

Guez said that in 2021 Papaya Global will come "very near" to annual recurring revenue (ARR) of $100 million. She added, "We are planning an IPO within the next 24 months but of course it depends on parameters like the situation of the market."

Papaya is operating in a fast growing international market with more and more companies choosing to employ people in other countries to cope with the shortage of talented employees in their own countries. These companies need solutions that will allow them to pay these employees in their local currencies and according to the laws in the countries where they live.

Papaya's customers include Microsoft, Toyota, Wix and Intel and it offers a package that combines both software and services.

This latest financing round...