Total amount raised
$288.2 Million
Latest funding date
11/1/2024
Location
Oyster has successfully raised funding over six rounds, with the latest being a Series D round led by ServiceNow Ventures. The company is backed by 26 investors, including notable names like Salesforce Ventures and ServiceNow Ventures.
Oyster's platform offers comprehensive HR solutions, enabling businesses to hire and manage employees globally. Keep reading to explore the intricacies of Oyster's fundraising journey and the investors backing this innovative platform.
What Is Oyster?
Oyster, founded in 2020, is a private company based in Charlotte, North Carolina. It operates in the Employment, Human Resources, SaaS, and Software industries. The company has between 501-1000 employees.
Oyster is a distributed HR platform that helps businesses hire, pay, and manage employees globally. The company offers services such as Employer of Record, Global Contractors, and Global Payroll, focusing on compliance and user-friendly solutions. Oyster is also B Corp-certified, highlighting its commitment to social and environmental responsibility.
How Much Funding Has Oyster Raised?
- Seed Round
- Amount Raised: USD 4,200,000
- Date: April 2020
- Lead Investors: Connect Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and begin market penetration.
- Series A
- Amount Raised: USD 20,000,000
- Date: February 2021
- Lead Investors: Emergence Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand the team.
- Series B
- Amount Raised: USD 50,000,000
- Date: June 2021
- Lead Investors: Stripes
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and enter new markets.
- Series C
- Amount Raised: USD 150,000,000
- Date: April 2022
- Lead Investors: Georgian
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand global reach and improve technology infrastructure.
- Series D (First Round)
- Amount Raised: USD 59,000,000
- Date: September 2024
- Lead Investors: Silver Lake Waterman
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen market position and accelerate growth.
- Series D (Second Round)
- Amount Raised: USD 5,000,000
- Date: November 2024
- Lead Investors: ServiceNow Ventures
- Valuation at Round: USD 1.2 billion
- Motivation Behind the Round: To simplify global employment and support scalable growth.
Total Amount Raised: USD 288,200,000. Current Valuation: USD 1.2 billion.
Key Investors
- ServiceNow Ventures
- Details: ServiceNow Ventures is the investment arm of ServiceNow, a company known for its cloud computing platform that helps companies manage digital workflows. Victor Chang is the vice president of ServiceNow Ventures.
- Investment Focus Areas: Digital workflows, enterprise software, global employment strategies.
- Notable Investments: Oyster.
- Silver Lake Waterman
- Details: Silver Lake Waterman is a growth capital fund within Silver Lake, a global leader in technology investing. The fund focuses on providing flexible capital to later-stage growth companies.
- Investment Focus Areas: Technology, software, internet.
- Notable Investments: Not publicly disclosed.
- Georgian
- Details: Georgian is a growth equity firm that invests in high-growth software companies. The firm leverages its expertise in applied artificial intelligence to help its portfolio companies scale.
- Investment Focus Areas: Software, artificial intelligence, cybersecurity.
- Notable Investments: Not publicly disclosed.
- Stripes
- Details: Stripes is a growth equity firm that partners with market-leading companies in the consumer and software sectors. The firm focuses on building long-term relationships with its portfolio companies.
- Investment Focus Areas: Consumer, software, healthcare.
- Notable Investments: Not publicly disclosed.
- Emergence Capital
- Details: Emergence Capital is a venture capital firm that invests in early and growth-stage enterprise cloud companies. The firm is known for its focus on companies that drive the future of work.
- Investment Focus Areas: Enterprise cloud, SaaS, future of work.
- Notable Investments: Not publicly disclosed.
What's Next for Oyster?
Oyster stands at the cusp of significant growth opportunities, driven by the increasing complexity of global employment and the need for scalable, compliant hiring solutions. The company's platform, which ensures compliance across 180 countries, positions it well to address the challenges of cross-border hiring and expand its customer base.
With the recent funding round led by ServiceNow Ventures, Oyster is poised for further investments that could accelerate its growth and innovation. The global employment market offers vast potential, and Oyster's strategic focus on simplifying global employment experiences makes it an attractive candidate for future fundraising.
However, the path ahead is not without challenges. Managing the complexities of global employment regulations and competing with other solution providers will require continuous innovation and strategic execution. Oyster's ability to navigate these hurdles will be crucial in maintaining its position as a leader in the global employment market.
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