Global HR and payroll platform Deel has announced a new Series E funding of $300 million, increasing the organization’s valuation to $17.3 billion.

The funding round included new investor Ribbit Capital, which co-led alongside existing investors Andreessen Horowitz and Coatue Management, and General Catalyst and Green Bay Ventures.

Deel stated that the new capital would be used to expand its infrastructure, advance AI-powered payroll and HR products, and lay foundations towards servicing more than 100 million customers globally.

Speaking exclusively to UNLEASH, Deel CEO and Co-Founder Alex Bouaziz says “this milestone is more than just another funding round.”

“It’s a powerful validation of our vision to simplify global work. It’s an exciting round for us, as we were able to bring in new investors like Ribbit Capital, and have existing investors like Andreessen Horowitz and Coatue double down on their investment.

“We’re leading innovation in the payroll and HR space. We’re building tech that not only helps companies hire and grow globally, but one that is loved by end-users too. For example, our Anytime Pay product will fundamentally change how people get paid, allowing them to access their salary on an on-demand basis.

“We want to build the world’s most comprehensive payroll and compliance infrastructure: one that’s real-time, fluid, and truly global.”

Funding will prompt further organic and acquisition growth

Bouaziz adds that Deel will use the funding to expand in areas such as its owned infrastructure, to reinforce AI across our product suite, and explore further acquisitions.

Since its foundation in 2019, Deel has experienced substantial growth, recording annual recurring revenues of $1 billion for the first time earlier this year.

It has also completed a series of acquisitions in the past 24 months, including deals for PayGroup, Zavvy, PaySpace, and Safeguard, among others.