Unlocking the Potential of Remote Workforces: Oyster Raises $59M Series D
As the world embraces remote work, Oyster, a leading payroll and HR platform catering to distributed workforces, secures a $59 million Series D funding round led by Silver Lake Waterman. With this latest funding, Oyster's valuation climbs to $1.2 billion, showcasing its resilience in a market where many tech companies are facing downward valuation trends.
Oyster's journey began in 2019 with a $50 million Series B raise, reflecting the surge in remote work during the pandemic. Today, the company competes with industry giants like Deel, Papaya Global, Turing, and Remote, positioning itself as a key player in the global employment landscape.
CEO and co-founder Tony Jamous highlights Oyster's growth, emphasizing a 7x increase in two years and improved margins. The company's unique proposition lies in simplifying global payroll for companies, particularly in emerging markets, where it has remitted "hundreds of millions" to workers in 2023.
The Series D funding will fuel Oyster's platform development and team expansion, supporting new offerings like Global Payroll, Visa Sponsorships, and local compensation insights. Notable clients such as BambooHR, Quora, and Printify have already embraced Oyster's services.
Jamous envisions a shift towards global employment, aiming to reverse brain drain in developing countries and democratize job opportunities worldwide. Despite competition from industry giants, Oyster stands out with its focus on cross-border employment, avoiding the complexities of multi-purpose platforms.
Investors, including Silver Lake Waterman, Emergence Capital, and Endeavor Catalyst, recognize Oyster's leadership in global compliance and local HR knowledge. By staying true to its mission of empowering companies with global employment solutions, Oyster continues to make a positive impact on the world.
In conclusion, Oyster's success story underscores the importance of adapting to the evolving landscape of remote work and global employment. By investing in innovative platforms like Oyster, individuals and companies can unlock new opportunities and drive positive change in the way we work and connect globally.