Oyster closed a Series B of $50 million.

Oyster, a London, UK and San Francisco, USA-based SAAS developer of a HR platform for globally distributed companies, announced raising series B capital investment round, closed at $50 million.

The round is said the value the company at $475 million, and was backed by investors led by Stripes, joined by existing shareholders Emergence Capital, and The Slack Fund, and with the addition of Avid Ventures. The company announced $20m Series A funding round 3 months prior to this deal.

Oyster, founded in 2019 by CEO Tony Jamous and Jack Mardack, developed a SaaS HR platform for companies to manage geographically distributed workforces in over 100 countries. The platform manages local legal compliance, payroll, benefits, and other critical human resource needs specific to every country.

The company doesn't mention specific KPis though it said that the customer base has grown by 8X and revenue by 6X in 2021.