Big Deel: remote hiring start-up raises $425m

Remote hiring start-up Deel raises $425m in Series D funding round at $5.5bn valuation

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Deel has raised $425m in a Series D funding round at a $5.5bn valuation – Photo: Shutterstock
                                

Remote hiring firm Deel has landed $425m (£307m) in a Series D funding round to shape the future of work, according to a company announcement

The funding round was led by US-based Coatue, with participation from several new and existing investors, including Altimeter Capital, Andreessen Horowitz, the YC Continuity Fund, Spark Capital, Greenbay Ventures, Neo and over 40 of the world’s leading investment angels.

The Series D round brings Deel’s valuation to $5.5bn as it establishes itself as the highest valued company in the global hiring, payments and compliance space. The firm has raised more than $630m to date.

Making remote working more accessible 

Deel began as a four-person team at its inception in 2019, and has grown to more than 400 employees in two years to make remote working more accessible for teams and businesses anywhere in the world. 

The San Francisco-based firm names Coinbase, Intercom and Shopify among its clients, as it serves more than 4,500 customers in over 150 countries.

“The way people work is fundamentally changing. And it’s never going back,” said Deel CEO Alex Bouaziz.

Challenging the norm

Since April, Deel has more than quadrupled its valuation after raising $156m in a Series C funding round at a $1.25bn valuation, with the start-up officially surpassing unicorn status.

Its growth comes at a time when businesses are increasingly relying on creating successful hybrid working environments and flexible work arrangements in order to acquire and retain top talent.

“We founded Deel because we didn’t want hiring or payments to prevent businesses from building the best global teams and finding the best global talent,” said Bouaziz.

“We’re going to keep challenging the norms of how companies operate and continue building tools that shape the future of work.”

Anish Acharya, general partner at Andreessen Horowitz, added: “We’ve been on board with Deel since the start and seen how they transformed and developed tools in record time to help create a better experience for businesses and their teams.

“The future is bright for Deel, but even brighter for the international teams they’re helping unlock across the globe.”

Futher reading: Challenger bank N26 raises $900m at $9bn valuation

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