Deel has become the newest unicorn in the HR tech space following a $156m Series C raise.
The round was led by YC Continuity, and two existing investors: Andreessen Horowitz and Spark Capital. Other new investors who participated in the Series C include Uber’s CEO Dara Khosrowshahi and former Walt Disney Studio’s chairman Jeffrey Katzenberg.
Founded in 2018, Deel fits squarely in the growing work from anywhere trend, which has only accelerated during the pandemic as companies realize the benefits of remote work and how that enables them to hire quality talent that could not commute to their HQ.
Its platform focuses on enabling companies to legally hire staff from anywhere in the world. It manages both the hiring process, as well as compliant contracts, payroll, and other admin associated with breaking a company’s geographical concentration of talent.
Deel claims to serve 1,800 companies in more than 150 countries across the world – which is 20 times its pre-pandemic client base. Deel customers include .bubble, Nu bank, and Modern Treasury.
Talking about the news, Deel’s newest board member and ex-Twitter COO, YC Continuity managing partner Ali Rowghani said: “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.”
What does the future hold for Deel?
When announcing its unicorn status in a blog post, Deel’s CEO and co-founder Alex Bouaziz stated:
“While we take the time to bask in the glory of this massive feat, our work at Deel is far from complete.
“It’s just the tip of the global iceberg for us.”
The total $200 million in funding that Deel has raised in the past year will be used to continue its international growth, including the opening of 80 Deel-owned entities around the world before 2022.
Deel plans to continue improving and growing its international hiring from anywhere platform – particularly through a new Deel API and global salary insights.
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