Oyster

Oyster offers a SaaS HR and benefits platform for enterprises. Its services include payroll, benefits, and onboarding. In addition, the company assists organizations in dealing with cross-border regulations and tax laws when hiring remotely.

Notable product launches include 1) Oyster Embedded (November 2023), allowing third party organizations to access Oyster’s hiring, payroll and rewards software from within their own applications, 2) Oyster Pearl (September 2023), an AI-driven chatbot offering personalized responses to inquiries related to benefits, taxes, and other aspects of global employment, 3) Oyster for Impact (September 2021), a program that offers certified nonprofits and benefit corporations discounts on Oyster’s distributed HR tools, financially backed by PayPal Ventures and HR Tech Investments.

As of April 2024, Oyster was able to run payroll in 120+ countries, and manage employee hires across 180+ countries. The company was also in the process of launching ‘Oyster Shell’, its misclassification insurance for extra protection when hiring global contractors using its platform.

The platform generates revenue through monthly subscription per hired individual, with plans including: independent contractors (USD 29), payroll for employees (USD 50) and EoR (USD 499).

Key customers and partnerships

As of November 2023, the company had over 1,100 clients. As of April 2024, the company offered integrations with over 65 companies, ranging from talent acquisition services, workplace tools, compliance services and benefits, among others.

Funding and financials

In its most recent funding round (April 2022), Oyster raised USD 150 million in Series C funding led by Georgian, valuing the company at over USD 1 billion (up from its previous valuation of USD 475 million valuation in June 2021). The fresh funds were earmarked for platform development and to invest in the “People Ops” community.

In 2021, Oyster’s revenue grew by over 20x and the number of employees on the platform increased by 17x. Notably, in the first quarter of 2022, Oyster attracted over 20,000 job applications for client vacancies.