Deel raises $50 million
Global payroll platform Deel has raised $50 million at a $12 billion valuation. Investors participating in the round include Emerson Collective, Andreessen Horowitz, Spark Capital and Y Combinator.
Founded in 2018, Deel offers a payroll platform for remote teams that 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.
From April to October 2021, Deel said it saw its global customer base jump from 1,800 to over 4,500. Customers at that time included Coinbase, Dropbox, and Shopify, among others. According to its site, the company now serves over 8K customers. In April 2022, Deel CEO Alex Bouaziz disclosed that the company’s annual recurring revenue rate is $100 million.