Deel, the Leading Platform for Global Hiring and Payments, Raises $156m Reaching Unicorn Status
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.
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.
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Morocco and UN Celebrate First-Ever International Argan Tree Day7.5.2021 08:30:00 CEST | Press release
Morocco and the United Nations will be marking the first-ever International Argan Tree Day on May 10th, 2021. The Argan tree, a tree specific to the Kingdom of Morocco, will thus be celebrated every year on May 10, as an intangible cultural heritage of humanity and ancestral source of sustainable development. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210506005652/en/ February 22, 2021: The United Nations’ General Assembly adopted by consensus a resolution proclaiming May 10 of each year as the “International Argan Tree Day” (Photo: AETOSWire) The proclamation of the International Argan Tree Day was announced on March 3, 2021, when the UN General Assembly adopted by consensus a draft resolution initiated by Morocco and hailed by all United Nations’ member states. This milestone is a culmination of Morocco’s quest to mobilize the international community to protect and further develop the country’s Argan industry. It is al
Tigo Energy Demonstrates Optimization to Installers in Brazil with Stark Renováveis Installation7.5.2021 02:14:00 CEST | Press release
Tigo Energy, Inc., the solar industry’s leading Flex MLPE (Module Level Power Electronics) supplier, announced today that Stark Renováveis has used the Tigo TS4-A-O to mitigate energy lost due to shade on their corporate headquarters in São José do Rio Preto, Brazil. Their confidence in Tigo’s solution drove the selection of the products for their own use. The Tigo solution gives installers and commercial system owners the freedom to choose their preferred inverters and panels along with the right features for optimized, monitored and PV safe systems. The Stark Renováveis team chose a rooftop PV system with 405 Wp modules organized in multiple strings and using GoodWeTM grid-tied inverters. The optimum placement of the modules was on a roof bordering a large construction wall which would ordinarily lead to shade and a degradation of the output. To mitigate the problem of energy lost due to shade, Tigo TS4-A-O optimizers were deployed to ensure the best possible system performance. "As
93 rd Vifor Pharma Group Annual General Meeting6.5.2021 18:00:00 CEST | Press release
Regulatory News: At today’s 93rd Annual General Meeting of Vifor Pharma Ltd., shareholders approved all proposed resolutions put forward by the Board of Directors. In view of the ongoing COVID-19 pandemic and in accordance with Ordinance 3 on measures to combat the coronavirus issued by the Swiss Federal Council, on the basis of Art. 8 of the new COVID-19 Act, shareholders were not permitted to attend the event in person. Shareholders exercised their rights exclusively through the independent proxy and 61.6% of the share capital was represented. Shareholder approvals Shareholders approved the Annual Report and the Annual Financial Statements of Vifor Pharma Ltd., as well as the consolidated Financial Statements of Vifor Pharma Group for 2020 by a large majority. The maximum possible 2022 remuneration for the Board of Directors and Executive Committee was also approved, as well as the 2020 Remuneration Report in a consultative vote. In addition, shareholders discharged the members of th
Aerobiotix Raises $25M Growth Equity Financing Led by Global Healthcare Investment Firm Vivo Capital6.5.2021 17:22:00 CEST | Press release
Founded in 2013, Aerobiotix, a rapidly growing global medical company has raised a $25 million of growth equity financing. The round was led by Vivo Capital with participation by Asahi Kasei Ventures. The new funding will be used to accelerate sales, marketing, and new product development. The Company’s infection control products have been used to support thousands of procedures across multiple surgical specialty disciplines and in over 175 hospitals and multiple long-term care facilities. Aerobiotix has developed a novel suite of FDA 510(k) cleared hospital-based air decontamination products and its devices are supported by multiple peer-reviewed research studies. Aerobiotix devices, such as the operating-room based ILLUVIA® system, are used by leading healthcare centers to reduce bacterial and viral contamination, including SARS-CoV-2 and other emerging pathogens. Aerobiotix products provide mechanical and ultraviolet filtration to remove airborne threats with high efficiency to prot
Elevēo Recognized in 2021 Gartner Magic Quadrant for Workforce Engagement Management Report6.5.2021 15:52:00 CEST | Press release
Elevēo announced today that global research and advisory firm, Gartner, has named Elevēo in its 2021 Magic Quadrant for Workforce Engagement Management. “Eleveo has been recognized in this Gartner Magic Quadrant for Work Engagement Management for the 8th time*,” says Barry Williams, VP of Product and Marketing at Elevēo. He believes Elevēo is unique among the WEM solution providers included in this year’s magic quadrant. “We’re privately held and have grown our customer base and product suite organically - entirely without benefit of merger or acquisition. We believe that this recognition is a testament to the effort and dedication of our product and development teams, who’re continuously pushing us to be one of the top vendors in the WEM space.” Among key modules Elevēo added to its scalable WEM solution in 2020 are an Agent Desktop Toolbar, which automatically pauses and resumes recording to protect PCI or other sensitive data, and Multi-Skill/Multi-Channel forecasting and schedul
Vantage Data Centers Provides Renewable Energy Options to Customers at All Campuses Globally6.5.2021 14:30:00 CEST | Press release
Vantage Data Centers, a leading global provider of hyperscale data center campuses, today announced that it now provides access to renewable energy options at each of its North American and European campuses to enable customers to reduce their carbon emissions. Additionally, the company has hired two experts to lead its environmental sustainability commitments across the globe. Four of the company’s campuses are currently powered by more than 99% renewable energy (hydro, tidal and wind) for critical IT load through Vantage’s utility partners, while the other campuses provide access to green power purchases and renewable energy credits through local utility partners. Vantage actively works with energy providers, customers and industry groups to advocate and invest in additional renewable energy options globally. As part of an expanded focus on environmental goals, the company named Amanda Sutton as senior director of sustainability to lead Vantage’s global sustainability program to less
FedEx Delivering Critical COVID-19 Aid to India6.5.2021 13:29:00 CEST | Press release
As India and its healthcare systems face a surge in COVID-19 infections across the country, FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) and the world’s largest express transportation company, is working with organizations around the world to deliver critical medical supplies and equipment during this crisis. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210506005392/en/ Critical medical supplies and personal protective equipment departing Santa Barbara, Calf., USA, bound for healthcare facilities in Kolkata, India via FedEx. (Photo: Business Wire) FedEx is currently supporting the transportation of more than 25,000 oxygen concentrators and converters through an initiative with the U.S.-India Strategic Partnership Forum and other multinational companies. An initial shipment of 1,000 critical oxygen concentrators was delivered by FedEx to New Delhi on April 30 as part of this collective. On May 8, FedEx is donating