Deel is a developer of a payroll and compliance platform for international employees and contractors. The platform provides remote teams with a single system of record that connects localized compliance and automates payments. Also, it offers templates and contracts for tax forms and localized contracts, automated invoicing, receipts, and payments.
The funding round’s lead investor was Laurene Powell Jobs’s Emerson Collective. Existing investors, Andreessen Horowitz, Spark Capital, and Y Combinator, also participated in the round. Since the October raise of $425 million, Deel’s valuation increased twice. The money raised will be used for product, M&A, and hiring.
Deel, San Francisco, the USA, was founded by Alex Bouaziz, Ofer Simon, and Shuo Wang in 2018. Deel aims to provide every company that hires remote talents with a single platform that makes payments, global compliance, and onboarding easier. Deel also claims that it can allow businesses to hire people in 5 minutes without any local entity. It was said that with Deel’s service, companies can pay teams in over 150 currencies in one click. In the second half of 2021, the number of clients increased from 1800 to 4500, among them are Dropbox, Shopify, and Coinbase.