Deel (company)

Deel is a privately-held payroll and compliance provider based in San Francisco, California.[2][3] The company provides hiring and payments services for companies hiring international employees and contractors.[2]

Deel
TypePrivate
Founded2018 (2018)
Founder
  • CEO: Alex Bouaziz
  • CRO: Shuo Wang
  • COO: Dan Westgarth
HeadquartersSan Francisco
ProductsProfessional employer organization, payroll, invoice processing, debit cards, payment processing
Revenue$300m
Number of employees
2200[1] (2023)
Websitedeel.com

History

Deel was founded in 2018 by Alex Bouaziz and Shuo Wang, who met while studying at MIT in 2013.[2][4] The founders had encountered difficulty hiring international workers affordably while bootstrapping their own businesses.[4][5] Deel entered the Y Combinator startup accelerator in 2019.[6] Its initial product allowed companies to hire contractors only.[7]

In May 2020, venture capital firm Andreessen Horowitz led a $14 million Series A round.[8] CNBC reported that the round was conducted entirely using videoconferencing software.[2] In September 2020 the company then raised an additional $48 million in a Series B led by Spark Capital.[9] Forbes attributed the growth to the increasing adoption of remote work due to the coronavirus pandemic.[4]

In April 2021, Deel raised $156 million in a Series C round, becoming a unicorn. The investment was led by Y Combinator's YC Continuity Fund, Andreessen Horowitz, and Spark Capital.[10] The company acquired Zeitgold, a German-based payroll automation provider in August 2021 for an undisclosed amount.[11][12] In October 2021, Deel raised $425 million in a Series D round led by Coatue at a $5.5 billion valuation.[13] In May 2022, Deel raised a $50 million round at a $12 billion valuation from investors including Emerson Collective[14]

In June 2022 Deel offered to acquire PayGroup, a public Australian payroll company.[15]

Products

The company offers a central platform for companies to hire employees and independent contractors located remotely.[2][11] Deel hires employees through their own local entity on a company's behalf, acting as the employer of record[16] and managing compliance with employment laws in each country.[4] As of August 2021, it owned 45 entities.[11]

The company processes international payroll, with a range of withdrawal options in multiple currencies, including Coinbase, PayPal, Payoneer, Revolut, and bank transfer.[17] It reported that about 2% of its users withdrew funds in cryptocurrency in 2021.[18]

Deel assists with creating contracts that comply with local labor laws using localized templates.[9][17] It also helps workers access insurance options for health.[2][9]

The company partnered with the United Arab Emirates government to expedite visas for foreign workers.[19]

Operations

Deel is headquartered in San Francisco, California. As of January 2023, it reported having 2000 employees.[14] The company operates completely remotely.[10]

References
  1. "Deel Careers | Deel".
  2. Son, Hugh (2020-05-21). "Remote work start-up Deel scores $14 million investment led by Andreessen Horowitz". CNBC. Retrieved 2021-10-17.
  3. "Deel Raises $156M at $1.2B Valuation to Expand Its Global HR Software Solution | Built In San Francisco". www.builtinsf.com. Retrieved 2021-10-17.
  4. Stoller, Kristin. "Future Of Work—The New HR Frontier: These Tech Startups Are Helping Businesses Adapt To A Remote World". Forbes. Retrieved 2021-10-18.
  5. "Alex Bouaziz: Build a Remote Team Like Deel". Mercury Blog. Retrieved 2021-10-18.
  6. "Deel: Payroll for remote teams". Y Combinator. Retrieved 2021-10-17.
  7. "The top 10 startups from Y Combinator W19 Demo Day 1". TechCrunch. 19 March 2019. Retrieved 2021-10-17.
  8. "Meet the startups helping other startups go remote". Protocol — The people, power and politics of tech. 2020-06-04. Retrieved 2021-10-17.
  9. "Deel nabs $30M more for payroll, compliance and other tools to run global workforces". TechCrunch. 9 September 2020. Retrieved 2021-10-17.
  10. "Remote hiring startup Deel raises $156M at a $1.25B valuation after 20x growth in 2020". TechCrunch. 21 April 2021. Retrieved 2021-10-17.
  11. Kokalitcheva, Kia (2021-08-03). "Don't call it "outsourcing": Hiring employees globally is getting easier". Axios. Retrieved 2021-10-17.
  12. "Done: Deel welcomes new acquisition ZeitGold". Geektime. 2021-08-04. Retrieved 2021-10-17.
  13. "With customers like Coinbase and Shopify, remote hiring startup Deel raises $425M at a $5.5B valuation". TechCrunch. 18 October 2021. Retrieved 2022-07-18.
  14. Cai, Kenrick. "HR Company Deel, Now Valued At $12 Billion, Nears $300 Million Of Revenue". Forbes. Retrieved 2023-03-07.
  15. Shen, Lucinda (2022-06-23). "Deel goes on the M&A offensive". Axios. Retrieved 2022-07-18.
  16. "HR Tech Startups Could Help Businesses Expand Their Remote Teams And Services". CB Insights Research. 2021-02-03. Retrieved 2021-10-17.
  17. Orbach, Meir (2020-09-10). "Israeli-American automated payroll platform Deel raises $30 million". CTECH - www.calcalistech.com. Retrieved 2021-10-18.
  18. Tanzi, Alexandre (2022-02-10). "Crypto Paychecks Have More Appeal Outside the U.S., Says Hiring Firm". Bloomberg News. Retrieved 2022-07-17.
  19. Levingston, Ivan (2022-06-29). "UAE Partners With Startup Deel to Expedite Foreign Worker Visas". Bloomberg News. Retrieved 2022-07-17.
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