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Funding announcement

Deel, the Leading Platform for Global Hiring and Payments, Raises $156m Reaching Unicorn Status

Deel, the Leading Platform for Global Hiring and Payments, Raises $156m Reaching Unicorn Status, Deel

SAN FRANCISCO--(BUSINESS WIRE)--Deel, the international payroll company shattering hiring barriers worldwide, announced today that it has raised $156 million in Series C funding led by the YC Continuity Fund and has welcomed Ali Rowghani to its board. The round was co-led by existing investors Andreessen Horowitz and Spark Capital. Dara Khosrowshahi, Lachy Groom, Jeffrey Katzenberg, Jeff Wilke, and Anthony Schiller also participated in the round, among others. With a valuation of $1.25 billion, Deel has emerged as a market leader in the global payroll and compliance space.

Deel allows businesses to hire anyone, anywhere, in a compliant manner. Hiring and onboarding international employees or contractors takes under 5 minutes, with no local entity required. Paying them in 120+ currencies takes just a click.

Deel was co-founded in 2018 by MIT alumni Alex Bouaziz and Shuo Wang. Deel was already focused on this pain point when the pandemic hit, putting the startup in a prime position to help companies adjust to the dramatic shift in working and hiring norms.

"We built Deel to be the solution for companies wanting to hire anywhere around the world, from Argentina to Zambia," said Deel CEO Alex Bouaziz. "We set out to solve a problem that the majority of businesses found inherently daunting. With Deel, we were able to consolidate everything into a product people trust and enjoy using to hire, to pay, and to give their global team members the best experience possible. Now with this third sizable investment, we can't wait to open even more doors for businesses, employees, and contractors around the world."

In 2020, Deel grew by 20X in revenue and now supports over 1,800 businesses worldwide. Deel’s explosive growth led to back-to-back funding rounds, totaling $206 million in under a year. With this Series C financing, Deel plans to continue international expansion by tapping into new markets and setting up 80 new Deel-owned entities across the world in 2021. Deel also plans to grow its team by hiring exceptional talent across the globe. Additionally, Deel will continue to improve, build, and grow their product offerings across the board by focusing on features such as employee equity and an open API.

“The way people work is fundamentally changing and Deel is leading the way,” said Ali Rowghani, from YC Continuity. “Deel was at the forefront of remote work pre-pandemic, and it will be long after. The team is uniquely equipped to remove the obstacles of remote work so companies hire the best talent in the world, instead of only those nearest to them."

“I’m excited to be investing in Deel the platform, which streamlines the complex minutiae of payments and compliance, removing the obstacles so that companies worldwide can go ahead and hire the best talent anywhere, instead of just the nearest talent to them,” said Dara Khosrowshahi, Uber CEO.

Deel’s own team is entirely remote, and has grown from 7 employees to over 120 across 26 countries since January 2020. CB Insights projects the industry for virtual HR software will grow to $43 billion by 2026 as technology platforms like Deel help businesses make the transition to remote-first work.

About Deel

Deel is a global compliance and payroll solution that helps businesses hire anyone, anywhere. Using a tech enabled self serve process, businesses can now hire independent contractors and full time employees in over 150 countries, compliantly and in minutes. With more than 250 legal, accounting, mobility and tax experts as partners, Deel enables any business to compliantly create, sign and send localized contracts from a library of templates. Deel automates the process of collecting country specific documents like tax documents from contractors and employees, to ensure they’re correctly set up. The platform also allows companies to pay international contractors and employees in more than 120 currencies with just a few clicks. Learn more about Deel here.

More announcements from Deel

Team announcement

Deel Congratulates Anja Simic on Two Year Anniversary as Head of Marketing

Deel Congratulates Anja Simic on Two Year Anniversary as Head of Marketing

Deel congratulates Anja Simic on two years at the company! Anja is one of Deel's first employees and crucial component of the company's explosive growth. Anja started at Deel in December of 2018 and has since served as the company's Head of Marketing. In the role, she leads Deel’s branding, marketing, and exposure initiatives. As the company has scaled to 60 + employees, Anja has taken on much more than her role suggests. She also manages all employee onboarding as well as company culture. As Deel has expanded remotely, Anja orchestrates cross-functional collaboration around the globe. Anja has had a long and successful career in startups, tech, and education. Before joining Deel, Anja served as a Digital Media Coordinator at Impact Hub Network, a community that provides critical support to entrepreneurs working on world-changing ideas. Prior to that, she served as the Head of Organizational Development at AIESEC, a nonprofit organization that helps high-potential youth develop into globally minded responsible leaders. Outside of the virtual office, Anja is a podcaster, thought leader, and the creator/host of the All Remote Podcast, an inspiration and space for remote advocates to share ideas and insights into the future of work. She is currently pursuing her master's degree in Cultures in Dialogue from the University of Belgrade and is currently based out of Belgrade, Serbia. Reach out to Anja to talk about marketing, team culture building, or future of work!

Team announcement

Dan Westgarth Joins Deel as Chief Operating Officer

Dan Westgarth Joins Deel as Chief Operating Officer

Remote payroll platform Deel has announced the appointment of Dan Westgarth as its new Chief Operating Officer (COO). In the role, Westgarth will manage Deel’s Business, Operations, Legal, and Compliance teams and report directly to company Co-Founder and CEO Alex Bouaziz. Westgarth is a fintech enthusiast and was one of challenger bank Revolut’s earliest employees. Before joining Deel, Dan was a General Manager for Revolut and was responsible for launching their product and building their team across North America. When commented on why the move to Deel was right for him, Westgarth said: “For a number of reasons, namely: the awesome team that is Deel, the fundamentals of the business model, the opportunity to better serve remote workers and the companies they work for.” Outside of his day to day at Deel, Westgarth spends his time making early-stage angel investments into interesting technology companies and helping them scale. He also loves all things outdoors, including skiing, cycling, hiking, running, and the beach.

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