Deel raises $14 million

Deel, the San Francisco-based startup offering a payroll platform for remote workers, has secured a $14 million series A round led by Andreessen Horowitz.

Founded in 2018, Deel’s original offering was an automated payment system for freelancers, which holds a payment from a client until work has been completed and approved, guaranteeing that freelancers are paid for their work.

“Y-Combinator’s motto is Make something people want,” Deel’s cofounder and CEO Alex Bouaziz, wrote in a blog post. “It turns out this was crucial in the making of Deel. People didn’t really want our first product, and our initial hypothesis proved to be wrong. Two weeks before the end of YC, we pivoted.”

Deel’s main product allows clients to hire and pay workers in 150+ countries using a single platform, instead of relying on separate providers to pay teams located in Europe and Asia because labor laws vary by country. The platform takes care of onboarding, tax compliance and invoicing, and customer support is available in 10 different languages. Deel also helps workers get access to insurance and other benefits.

Bottom Line: in the space of Oyster and Remote.