Deel valuation surges fourfold in six months to $5.5 billion, raises another $425 million
The company, co-founded by Israeli Alex Bouaziz, offers payroll, HR, compliance, perks, benefits, and other capabilities needed to hire and manage a global team
Meir Orbach | 15:49 18.10.2021
Deel, which has developed a global payroll and compliance system, announced on Monday that it has raised $425 million in Series D funding, taking the total amount raised by the company to over $630 million. The latest funding round values the company at $5.5 billion. Deel raised $156 million at a $1.25 billion valuation in April of this year. The company, co-founded by Israeli Alex Bouaziz and Chinese entrepreneur Shuo Wang, has developed a platform that allows payment to both full-time employees and independent contractors (freelancers), in compliance with the currency and the labor laws in the employee’s country of origin. Deel serves more than 4,500 customers in over 150 countries, including the likes of Coinbase, Intercom and Shopify. Deel’s technology offers payroll, HR, compliance, perks, benefits, and other capabilities needed to hire and manage a global team. With Deel, businesses can hire employees and contractors compliantly without needing a local entity in less than five minutes. Companies can also pay teams in more than 120 currencies.