The round increases Oyster’s valuation sixfold to hit the $475M mark. Here are the top-line bullets you need to know.
Oyster, a virtual HR platform for distributed workforces, has raised $50M in a Series B with participation from Stripes Group, Capital Partners, and Slack Fund among others.
How’s the company performing?
- Delaware-based Oyster’s HR platform provides tools for payroll, benefits, hiring, onboarding, and salary management services for contractors and employees globally.
- The company is present across 91 countries and provides its services to 80 businesses, including Wagestream, Impala, Quora, and Grover.
- Oyster’s revenue and customer base have increased by 8x in 2021.
Why does the market matter?
- The global digital workplace market size is projected to grow at a CAGR of 11.3% and reach a value of 54.2B by 2027, according to Grand View Research.
- The virtual HR software industry is poised to reach $43B by 2026, according to CB Insights.
- The Covid-19 pandemic accelerated the adoption of remote work models and distributed teams. This has further catalyzed the industry’s rapid growth.