Group 11 purchased secondary stock from existing shareholders to make the undisclosed investment.
The move comes after Papaya Global raised USD 45 million in a Series A funding round in October 2019. The round was led by Insight Partners.
Papaya Global offers a cloud-based SaaS platform to automate payroll and workforce management. The platform is designed to offer an end-to-end solution to eliminate errors and streamline the payroll process.
With the new proceeds, the company seeks to support its growth as well as introduce new products.
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