Deel, a global compliance and payroll solution provider, has raised $425 million in a Series D funding round led by Coatue. A number of new and existing investors also participated in the round, including Altimeter Capital, Andreessen Horowitz, YC Continuity Fund, Spark Capital, and Greenbay Ventures.
The latest round of funding puts Deel’s value at $5.5 billion.This makes Deal the most valuable company in the global hiring, payments, and compliance sector.
Deel allows businesses to hire employees and contractors compliantly without a local entity. Furthermore, the platform offers support for more than 120 currencies, enabling companies to pay their global teams instantly.
“The way people work is fundamentally changing. And it’s never going back,” said Alex Bouaziz, Deel CEO.
Bouaziz added, “We founded Deel because we didn’t want hiring or payments to prevent businesses from building the best global teams and finding the best global talent. We’re going to keep challenging the norms of how companies operate and continue building tools that shape the future of work.”
GDPR-compliant, Deel also lets businesses create, send, and sign data-protection agreements (DPA) through a centralized dashboard. Besides compliance, the firm also handles health insurance and pensions.
Organizations can sync invoice data with desired accounting software, receive compliant digital invoices for every contractor payment, automate payslips, and more.
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"We had been tracking Deel since 2020 and were impressed by Alex and Shuo’s vision," said Rahul Kishore, senior managing director at Coatue.
"As we learned more about Deel, we became excited by their increased and impressive scale and believe we are in the early innings of what the team is capable of."
Lucas Swisher, a general partner at Coatue who co-led the round, added, "We were then impressed by how the platform was able to distill something so overwhelming into a tool anyone can use to take global employment from dream to reality."
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