Human resources platform startup Oyster HR Inc. announced today that it has raised $59 million in new funding to expand its global employment platform and improve cross-border hiring solutions.

Founded in 2020, Oyster offers an employment platform that is designed to help companies hire, pay and manage talent with a focus on simplifying cross-border employment. The company provides businesses with the tools they need to navigate global regulations, such as ensuring compliance with local laws and employment standards.

The Oyster platform supports companies by offering insights into country-specific hiring rules, benefits and compensation, with the goal of helping companies manage a distributed global workforce more effectively.

One of the core features offered by the platform is payroll management, with an offering that allows companies to handle payments in multiple currencies for timely and compliant payments to employees worldwide. The platform also offers visa sponsorship services and assists businesses in securing work permits for international employees.

Oyster’s platform is particularly of interest to companies that are looking to expand into emerging markets, where the company argues that employment regulations and tax requirements can be more challenging to navigate. Through its ability to automate the compliance process, it enables businesses to focus on growth and productivity rather than the legal intricacies of international employment.

The company’s Series D round was led by Silver Lake Waterman, with participation from existing investors, including Emergence Capital, Stripes, Georgian, G2 Venture Partners and Endeavor Catalyst.

“This latest round of investment will enable Oyster to continue to serve our diverse and global customer base, providing the compliance, support and intelligence infrastructure we’ve become known for,” Oyster Chief Executive Officer Tony Jamous said in a blog post. “It will also empower us to accelerate our roadmap, scale our impact, and remain the first choice for employers looking for a specialized global employment experience.”

Including the new round, Oyster has raised about $286 million to date, according to data from Tracxn.

Image: Oyster