Papaya Global's valuation reaches $3.7B and other NYC tech news – New York Business Journal – New York Business Journal

Workforce management platform Papaya Global has raised $250 million in Series D funding, bringing the company’s valuation to $3.7 billion and startup’s total funding to date to $440 million.
The latest funding round was led by New York-based global private equity and venture capital firm Insight Partners and joined by Tiger Global, with participation from existing investors Greenoaks Capital, IVP, Scale Venture Partners, Bessemer Venture Partners, Alkeon Capital, Workday Ventures, Access Industries and Group 11. 
Papaya said its valuation has increased tenfold since September 2020 and revenue tripled in 2020.
“2021 is a breakthrough year for Papaya,” CEO Eynat Guez said in a statement. “We set a new standard for global payroll management by introducing our ‘Total Payroll’ offering, a technology solution for managing all global payroll activities through a single panel, including equity and benefits. This latest round of funding, which follows our Series C only six months ago, will allow Papaya to continue its hyper growth as we expand globally.”
Here are other New York-area startup news:
Melio has raised $250 million to grow its B2B payments platform for small businesses. The financing triples the company’s valuation to $4 billion since January 2021. The capital raised will accelerate the company’s expansion through partnerships with leading financial institutions, software providers, and marketplaces interested in providing B2B payments for their customers.
Misfits Market, a Delanco, New Jersey-based online grocery platform focused on sustainability, affordability and accessibility, has closed a $225M Series C-1 round led by SoftBank Vision Fund 2 and with participation from Accel. The investment brings the company’s valuation to $2 billion and the overall funding raised by Misfits Market to $526.5 million. The additional capital will be used to fuel nationwide expansion and increase the selection of items available to customers as Misfits Market builds a complete online grocery platform.
Homebuying platform Ribbon has secured $150 million in financing, consisting of $75 million in Series C equity financing and $75 million in additional working capital. The Series C was led by Greenspring Associates, with participation from existing investors as well as new strategic investors. The company, based in New York and Charlotte, North Carolina, said the investment will enable more than $10 billion in home transactions annually, and fuel Ribbon’s expansion into new states.
Mental health services provider Spring Health has secured $190 million in Series C funding. Health care investor Kinnevik led the round and was joined by new investor Guardian Life Insurance Co. of America (Guardian Life), along with existing investors. The startup’s total investment to date is $300 million, bringing its current valuation to $2 billion. In addition to expanding its footprint among employers, Spring Health plans to accelerate its growth in partnership with strategic partners and health plans. 
Tia, a healthcare company focused on women, has raised $100 million in a Series B funding round led by Lone Pine Capital with additional participation from other investors including Threshold, Define Ventures, Torch Capital, ACME, Compound, Combine, The Helm, Human Ventures, Seae Ventures and Gingerbread Capital. The round brings Tia’s total funding to $132 million. Tia said it will use the investment to scale virtual and in-person care to serve more than 100,000 women by 2023.
Grailed, a marketplace for men’s luxury, streetwear, sneakers and vintage fashion, has closed a Series B funding round of $60 million led by GOAT Group. Other investors include Groupe Artémis, the holding company of the Pinault family; Gucci CEO, Marco Bizzari; as well as existing investors, Thrive Capital and Index Ventures. 
Life insurance company Sproutt has raised $26 million in a Series B round led by MoreTech Ventures with investment from Harel Group, The Raptor Group, and Falcon Edge Capital, alongside existing investors. The funds will be used to further bring Sproutt’s health-incentivizing instant-issue life insurance policies direct to customers and agents. In addition, the funds will be used to roll out a new predictive life insurance product.
Global fintech MODIFI has raised $24 million in funding, which brings its valuation to more than $120 million. The round was led by new investor Heliad Equity Partners with a co-investment from Neva SGR, the venture capital investment vehicle of Italian banking group Intesa San Paolo. Existing investors also participated significantly, including Global Founders Capital, Maersk Growth, and Picus Capital. The funds will be used to grow MODIFI’s digital trade finance platform for small-to-medium businesses.
Amberdata, a digital asset data company, has raised $15 million in a Series A round led by Citi. Franklin Templeton, Galaxy Digital and Rovida Kruptos Assets. Executives at GoldenTree Asset Management also participated in the capital raise. They are joined by HWVP who previously led Amberdata’s seed funding. Amberdata said it will use the funds to double R&D headcount and expand go-to-market both in the United States and internationally.
Aktivate, a sports technology platform for K-12 schools, has launched after it closed a $7 million seed financing round. The funding was led by Will Ventures, with participation from Tal Ventures, Village Global, as well as TechAviv, Benson Oak Ventures, and angel investors Zeke Emanuel and Howard Morgan.
Insurance payments platform Ascend has raised $5.5 million in seed investment funding. The round was led by First Round Capital, with participation from Susa Ventures, FirstMark Capital, Box Group. Ascend’s payments APIs automate insurance payments end-to-end — from online point of sale with buy now, pay later financing to the distribution of commissions and carrier payables.
Health care payments company Zelis, based in Bedminster, New Jersey, has agreed to acquire Sapphire Digital, a platform for provider selection, patient access, price transparency and digital consumer navigation. As part of the transaction, Sapphire leadership will join Zelis to help lead the combined company’s healthcare consumer solutions business. Financial details weren’t disclosed.
Online psychiatric care provider Talkiatry has named Alex Kozersky as the company’s first chief growth officer. Kozersky has more than 20 years of sales and business development experience in the behavioral health, wellness and population health industries. He most recently was chief sales officer at Trellus Health. Prior to Trellus, he was the senior vice president at Talkspace responsible for its health plan sales and business development. 
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