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Startup Deel has raised $425 million in a Series D funding round.

The startup Deel has announced it has raised $425 million in a Series D funding round that gives it a valuation of $5.5 billion. Coatue led the latest financing, with partners Rahul Kishore and Lucas Swisher leading the deal. Several new and existing backers also participated in this round, including Altimeter Capital, Andreessen Horowitz (a16z), Neo, Spark Capital, and the YC Continuity Fund. Spark Capital, Greenbay Ventures, Neo, and many others.

Based in San Francisco founded in the year 2019 by MIT alumni Alex Bouaziz and Shuo Wan, Deel aims to allow businesses “to hire anyone, anywhere, in a compliant manner.” It claims that by using its services, businesses can hire and onboard international employees or contractors in less than five minutes, with no local entity required. which provides payroll, compliance tools, and other services to help businesses hire remotely.Deel CEO Alex Bouaziz commented: “The way people work is fundamentally changing. And it’s never going back. 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.”

Deel serves more than 4,500 customers worldwide from names like Coinbase, Intercom, and Shopify in over 150 countries. 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 5 minutes. Companies can also pay teams in more than 120 currencies with just a click.

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Ravi Tilekar

Written by Ravi Tilekar

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