Deel, a US-based startup offering a compliance and payroll platform for international contractors and employees, has bagged US$ 425 million in a Series D funding round led by Coatue on 18 October 2021.
Investors: The latest funding round featured Coatue as the lead investor with participation from Y Combinator, Spark Capital, Neo, Green Bay Ventures, Andreessen Horowitz, Altimeter Capital and others. The startup has managed to raise US$ 630 million, in total, to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round towards increasing its operations and presence in the market.
Brought to existence in 2019 by Shuo Wang, Alex Bouaziz and Ofer Simon, Deel envisages making remote work more accessible for businesses and teams spread across the world and structure the best onboarding experience for its users. It provides an effective compliance and payroll solution to aid enterprises to recruit anyone and anywhere. The startup removes remote recruiting barriers and offers a chance to everyone through its tools, flexibility created for teams to sustain wherever and whenever they wish to work. It serves over 4,500 customers worldwide, such as Shopify, Intercom, and Coinbase in roughly 150 nations. The size of its team has increased from four members in 2019 to 400 members now.
What the CEO has to say: “People’s outlook towards the way we work has changed dramatically. We established Deel to prevent functions like payments and to hire from restricting enterprises to develop a top-notch global team and discover the finest global talent. We wish to persistently challenge the guidelines through which corporations function and continue to develop instruments that frame the work of tomorrow.”- Alex Bouaziz, CEO and Co-Founder of Deel.
What the Investor has to say: “We have been keeping a close watch on Deel’s progress and Shuo and Alex’s mission captivated us to invest.”- Rahul Kishore, Senior Managing Director at Coatue. “We were exhilarated as we got acquainted with their vision and impressed by their increased scale. We feel that we are in the early days of what the Deel team’s potential is. The platform’s capability to distil something so overwhelming into an instrument available for everyone to make high global employment reality is outstanding.”- Lucas Swisher, General Partner at Coatue.
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