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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

Funding announcement

We've raised our Series D

We've raised our Series D

Ready for liftoff? Technically we've already been in orbit for a while, but now we're fueled up even more and ready to take the Deel customer experience to new heights. Today, the entire Deel team and I are pleased to announce that we've raised our Series D led by Coatue of $425 million, bringing Deel's valuation to $5.5 billion. It’s further proof that when you put customers at the center of your business, everyone wins, which is why everything we build, test, and do at Deel keeps businesses and their teams around the world top of mind. This motto has been ingrained into our business since Deel’s inception. It's our attention to our customers that keeps the Deel team building a better Deel for all. Innovative integrations, seamless features, and tools built to break down hiring barriers help us keep businesses and their teams working faster, smarter, and better. To help continue making Deel the best it can be for our 4,500+ customers and their teams, we've raised funding from one of the biggest private investment firms, Coatue. Knowing the rigorous measures Coatue takes to vet potential investments clearly shows they've seen how game-changing Deel has been in creating a more equitable hiring economy worldwide. With our Series D we’ll be focusing on some exciting things to shape the future of work. Starting with launching Deel Premium to further protect companies against misclassification risks, bringing Global Payroll to every business in the world, releasing our Open API, and opening a total of 80 live Deel-owned entities (with 60 live already) to make employee hiring a breeze. With Coatue’s Senior Managing Director + Partner, Rahul Kishore, and General Partner Lucas Swisher, leading the round, along with Altimeter Capital, Andreessen Horowitz, Neo, Spark Capital, the YC Continuity Fund, Emilie Choi of Coinbase, Claire Johnson from Stripe, Instacart’s Fidji Simo and 37 other top angel operators. This series D is a huge Deel for us, the team, investors, and our customers everywhere. It's been a determined journey from A, B, C, and now series D, so to break down what we've done and what we look forward to doing with this new funding, let's revisit some letters the Deel team is quite familiar with. A is for: Accessible hiring and payments for businesses and workers worldwide. At Deel, we're all about creating a better international employment experience for all. Whether contractors or employees, we want companies spending less time navigating cross-border hiring, payroll, and international law and more time building and giving their distributed teams an experience that rivals a domestic one. More teams are saying goodbye to open office concepts and hello to open office hiring. With around 400 customers at our Series A to 4500+ now, we're grateful and happy to see teams adopting and embracing remote life. And using Deel to do it. B is for: Being the compliance and payroll industry benchmark. ‍There are a lot of elements crucial to growing an international team. At Deel, we pride ourselves on being the best at it. Compliance is and will always remain an essential core component of our company as we continue to offer the most substantial compliance worldwide. Through our network of top vetted legal and accounting experts, we ensure navigating foreign hiring and laws stays a breeze and no one gets left behind. Also, along with our unmatched hiring coverage of 60 live Deel-owned entities (80 by year's end), we've simplified payroll for businesses and teams. We offer payments in employees' local currencies with taxes and deductions handles, and we arm contractors with automation and 15 payment choices. Plus, our in-app support means we're always around to help in 14 different languages (and counting) because handling payments is serious stuff. C is for: Cultivating an unmatched team experience. Customers at Deel are a pivotal part of our entire business. For us, the entire experience starts internally with our team of more than 400 spanning 50 countries using the platform daily. In order to provide the best experience possible we’ve put ourselves in the driver’s seat, passenger seat, and every seat in between (it’s a big SUV). Listening, learning, and improving the Deel experience for all keeps our team going. After all, companies should be able to offer a working environment no matter location and teams should be able to get the same benefits and experience even if they live on opposite sides of the world. D is for: Doing our best (remote) work for all. Whether creating more accessible ways for contractors to get paid or ensuring foreign employees get the same onboarding experience as domestic counterparts, we'll continue to build better tools for businesses to hire and run their global teams. After all, it's at the forefront of our rocket's path. Just in the past year, we've helped numerous businesses hire in countries all over and made managing employee expenses seamless and straightforward. We also launched integrations with BambooHR, Quickbooks, Netsuite, Xero, Ashby, and Greenhouse to make HR and accounting admin a breeze. We even empowered contractors to spend earnings without limits using Deel Card while enabling companies to offer stock options fast and compliantly through Deel. Plus, so, so much more. It's an exciting time at Deel, in the global workforce, and for international teams everywhere. We owe a lot of our growth to our amazing customers, contractors, employees, legal, accountant, tax, and mobility partners. Without every one of you, Deel would not be in this accelerated position to transform working as we know it. So, a big thanks from me and the rest of the Deel team. Without you all, there'd be no Deel. "D" is for Doing Things Right, Alex Bouaziz, Co-founder & CEO

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!

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