In a significant development within the HR technology sector, Oyster, a prominent global employment solution provider, has successfully secured $59 million in Series D funding. This recent investment highlights the firm’s growing influence in a market increasingly shaped by the demand for remote work solutions.
Strategic Utilisation of Funds
Founded in 2019, Oyster plans to leverage this new injection of capital to accelerate its platform’s development and broaden its impact in the HR technology space. This strategic move aims to enhance customers’ compliance capabilities and improve their ability to attract top-tier talent globally.
Shawn O’Neill, Managing Partner of Silver Lake Waterman, emphasised that Oyster’s platform is crucial in addressing complexities in global employment. He stated that Oyster has created ‘trusted tools and resources for bulletproof global compliance’ making it a leader in the industry.
Democratising Global Employment Opportunities
Oyster was founded by Tony Jamous and Jack Mardack with the mission to break down barriers in remote work and distributed hiring. The company is one of the few B Corp-certified unicorns, striving to create an equitable world by providing widespread access to global job opportunities.
Oyster facilitates seamless international hiring with compliant contracts, payroll, and attractive local perks. Esteemed clients such as Lokalise, Quora, and Printify utilise Oyster to develop competitive talent strategies and maintain compliance.
With a presence in over 180 countries, Oyster automates employment and compliance processes, minimising internal HR burdens and eliminating substantial external advisory costs.
Innovative Products and Services
Last year, Oyster launched various innovative products to empower companies scaling their global operations. These include Global Payroll and Visa Sponsorship services that streamline operations for borderless teams.
The Salary Insights tool is a noteworthy offering, providing fair compensation recommendations for both domestic and international staff, ensuring equitable pay standards.
Oyster Embedded, a pioneering no-code solution, allows businesses to integrate global hiring and payroll functionalities directly within their platforms, enhancing operational efficiency.
Commitment to Human-Centric Employment
Oyster’s ethos is founded on the belief that global employment should foster innovation and economic impact, rather than being a transactional service. The company remains committed to a mission that values human potential.
CEO Tony Jamous stated, ‘By enabling companies to hire globally, we contribute to a sustainable and equitable future,’ underscoring Oyster’s dedication to human-centric employment practices.
The company’s continued success reinforces its role as a key player in transforming the global employment landscape, pushing boundaries in the HR tech sector.
Investor Confidence and Future Prospects
The recent funding round, led by Silver Lake Waterman, reflects strong investor confidence in Oyster’s direction and growth potential. Existing investors, such as Emergence Capital and Stripes, also participated, affirming their support for the company.
Oyster’s valuation now stands at $1.2 billion, a testament to its robust growth trajectory and market impact. This milestone underscores the firm’s strategic approach in a competitive industry.
With total funding reaching $286 million, Oyster is well-positioned to continue its expansion and innovation, meeting the evolving demands of the global workforce.
Conclusion and Future Outlook
The future for Oyster looks promising as it continues to lead in HR technology amidst an era of increasingly remote and distributed workforces.
The company’s pioneering solutions and commitment to equitable employment position it to further revolutionise global HR practices.
In conclusion, Oyster’s recent funding achievement and strategic vision exemplify its pivotal role in evolving HR technologies to meet the demands of a modern, remote workforce. The company’s dedication to innovative and human-centric solutions heralds a new era in global employment.
