Deel raises $156mn Series C funding; enters the unicorn territory

By Pavithra R

Deel, a global payroll solution that helps businesses hire anyone, anywhere, has announced securing $156mn in Series C funding led by the YC Continuity Fund. 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.

The new investment brings the company to a valuation of $1.25bn. The firm has also welcomed Ali Rowghani from YC Continuity to its board.

Founded in 2018 by Alex Bouaziz & Shuo Wang, Deel is an international payroll company shattering hiring barriers worldwide. The firm has emerged as a market leader in the global payroll and compliance space. Deel makes it hiring and onboarding international employees or contractors easy and swift with no local entity required. Paying them in 120+ currencies takes just a click.

“We built Deel to be the solution for companies wanting to hire anywhere around the world, from Argentina to Zambia. 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,” said Deel CEO Alex Bouaziz.

In 2020, Deel grew by 20X in revenue and now supports over 1,800 businesses worldwide. Its explosive growth led to back-to-back funding rounds, totalling $206 mn 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. The FinTech 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.