Deel raises $425M in Series D Funding to continue improving remote work
Deel, the remote hiring platform, has become the highest valued company in the global hiring and payments industry. With a $5.5B valuation, Deel closes a Series D funding by raising $425 million. The new funding round was led by Coatue. A couple of new and existing investors also participated in this round, including Altimeter Capital, Andreessen Horowitz, the YC Continuity Fund, Spark Capital, or Greenbay Ventures.
“The way people work is fundamentally changing. And it’s never going back.” We founded Deel because we didn’t want hiring or payments to prevent businesses from building the best global teams and finding global talent. So, we’re going to keep challenging the norms of how companies operate and continue building tools that shape the future of work.”CEO Alex Bouaziz.
What is Deel?
Deel is a payroll platform that allows companies to hire people worldwide to adopt a hybrid or fully remote work. The platform eases the process of payroll, benefits, and managing a global team. Moreover, Deel is compliant with GDPR and other privacy laws worldwide. Thus, you don’t have to bother about having issues with the law. Probably the most amazing thing about the platform is that you can handle international contracts without too much effort.
With Deel, companies can hire people, create invoices and contracts. Yet, the platforms work also for the contractors. They can withdraw the payments for their projects, save their documents, and sign contracts. So, the product is a win-win for both parties. Plus, the platform operates in 150 countries and serves more than 4,500 customers worldwide from businesses like Coinbase, Intercom, and Shopify. If this great platform has awakened interest, you can read more interesting things about it in our full review.
Probably amazing things will follow for Deel, and we can’t wait to see the growth of this platform that is so helpful for a business that is working with people worldwide. And, a fun fact, the product was released in 2019, and the team was growing from 4 to 400 employees. Their main goal was to make the remote work payment process much accessible from wherever and at any time. Thus, there is no surprise in growing so fast as the product is great and has been serving many companies and contractors until this point.