Venture Capital: Payroll Company Deel Raises $156M In Series C Funding, Turns Unicorn
Deel allows international businesses to hire anybody, anywhere in a compliant manner.
Deel, the payroll company, announced Wednesday its Series C raise of $156 million at a valuation of $1.25 billion. The round earned the company its horn and was co-led by YC Continuity, Andreessen Horowitz, and Spark Capital. The startup has now raised $206 million in total, and most of it in the space of just a year. (BusinessWire)
Other investors included Dara Khosrowshahi, Lachy Groom, Jeffrey Katzenberg, Jeff Wilke, and Anthony Schiller.
Remote hiring is a breeze for businesses because Deel does the heavy lifting by generating the payroll, compliance tools, and other services. “Hiring and onboarding international employees or contractors takes under 5 minutes, with no local entity required,” says the company. “Paying them in 120+ currencies takes just a click.”
Pandemic a growth driver for Deel
Businesses had to pivot to remote working and hiring when the pandemic hit, dramatically highlighting Deel’s use case.
It reflected in its numbers. In 2020 revenue surged 20X and 1,800 businesses across the globe became its customers.
Investors liked the company’s growth story and future prospects. The startup could therefore raise $206 million in back-to-back funding rounds within about a year.
“The way people work is fundamentally changing and Deel is leading the way,” said Ali Rowghani, from YC Continuity, who joined Deel’s board. “Deel was at the forefront of remote work pre-pandemic, and it will be long after. The team is uniquely equipped to remove the obstacles of remote work so companies hire the best talent in the world, instead of only those nearest to them.”
Use of funds
Deel will use the latest financing for its international expansion, grow its team through new hirings, and develop its product offerings. It also intends to set up 80 new self-owned entities across the globe in 2021.
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