The global payroll and HR tech platform Oyster has secured $59 million in funding led by Silver Lake Waterman, boosting its valuation to $1.2 billion. With additional support from Emergence Capital, Stripes, Georgian, G2 Venture Partners, and Endeavor Catalyst, the investment will drive Oyster’s expansion and improve its global employment solutions.
Founded in 2019, the U.S. startup has maintained its market value despite the trend of down rounds affecting many tech companies. Oyster competes with HR platforms such as Deel, which is valued at $12 billion, a significant increase from its $5.5 billion valuation in October 2021.
Oyster will use the new capital to further develop its platform, strengthen compliance features, and improve talent acquisition and retention capabilities. The company has notably facilitated significant remittances to emerging markets, where over 40% of its team members are located. Total funding for Oyster now stands at $286 million.
Oyster co-founder and CEO Tony Jamous stated in a blog post, “When we founded Oyster in 2020, during the pandemic and the surge in remote work, our goal was not just to build a product but to transform a system that was too dependent on talent in a few cities and offered little flexibility in work location and style.”
Industry analyst Josh Bersin congratulated Oyster on raising $59 million at a $1.2 billion valuation in a LinkedIn post.
Shawn O’Neill, Managing Partner at Silver Lake Waterman, commended Oyster for its innovative approach to global employment challenges. “Oyster has established itself as a leader with a platform offering robust compliance and local HR knowledge,” O’Neill said. “The team is well-positioned to continue delivering essential HR solutions for the evolving global employment landscape,” according to a statement.
Over the past year, Oyster introduced Global Payroll, Visa Sponsorships, and Salary Insights for fair compensation and borderless team management, as well as Oyster Embedded, a no-code solution for integrating global hiring and payroll.
Oyster’s partnerships with HR Information Systems providers like BambooHR and TriNet reflect its focus on improving the hiring process. The company has also been recognized as a Trusted Content Partner by The Josh Bersin Company for its HR AI assistant, Galileo.
As a B Corp-certified unicorn, Oyster aims to democratise global job opportunities and foster economic equity. Its platform supports employment and compliance in over 180 countries, significantly easing the burden on HR and payroll teams while reducing external advisory costs.
Tony Jamous expressed enthusiasm about the funding, noting that the Series D round is a key milestone. He said it will help Oyster continue serving its global customer base and accelerate its growth while solidifying its position as a leading provider of global employment solutions.