San Francisco based payroll and compliance firm Deel raised US$ 30M in its Series B funding round on 11 September 2020. Its total funding now exceeds US$ 48M.
The series B funding was led by Spark Capital. Other participants in the funding round include YC Growth Fund and notable angel investors, Nat Friedman, Ryan Petersen, John Zimmer, William Hockey and Alexis Ohanian. Deel had closed a US$ 14M Series A round in May as well.
Deel is a payroll platform for remote teams that connects localized compliance and payments in one system of record. It was founded in August 2018 by Alex Bouaziz, Ofer Simon and Shuo Wang. The founders are alumni of MIT. The leadership team of Deel possesses deep technical expertise and has a network of more than 150 international labour law and accounting experts.
Deel allows businesses to hire anyone anywhere, either as an independent contractor or full-time employee. It completes payroll in more than 100 currencies. It has also partnered with more than 150 labour law and accounting experts. Deel’s library of localized contract templates is used to legally onboard international employees, in minutes.
Deel has opened up an opportunity for businesses to recruit and hire talent from anywhere without the need for employees to have a physical presence at the office. It aims to solve the logistical challenges that come with moving to a distributed, global workforce payroll and compliance.
“We’ve squashed the conventional notion that there’s a particular radius in which you can attract talent,” said Deel co-founder and CEO, Alex Bouaziz.
Even during the pandemic, Deel has been experiencing rapid growth. Its customer base has doubled since May. The startup has garnered over 500 companies as its clients and supports thousands of employees in more than 140 countires.
“I was interested in Deel from the get-go as the best suited to be the winner in a category on the cusp of huge growth,” said Razavi, General Partner at Spark Capital.
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