#United States #San Francisco #funding #Payroll #Deel

Deel Secures $300 Million in Series E Funding

On October 16, 2023, Deel, a leading global payroll and HR platform headquartered in San Francisco, California, announced the successful completion of a strategic Series E funding round amounting to $300 million. This funding round was led by new investor Ribbit Capital and long-time partners Andreessen Horowitz and Coatue Management, with participation from General Catalyst and Green Bay Ventures. Following this funding, Deel's valuation has reached an impressive $17.3 billion.

This capital influx comes on the heels of Deel achieving record results, marking three consecutive years of profitability by September 2025, and reaching a monthly revenue milestone of $100 million for the first time. Additionally, by early 2025, the company is projected to surpass an annual recurring revenue (ARR) of $1 billion. Currently, Deel operates in over 150 countries, servicing more than 37,000 companies and providing payroll solutions for approximately 1.5 million workers, managing a staggering total of $22 billion in payroll annually.

Insights from Deel's Leadership

CEO and co-founder Alex Bouaziz expressed his excitement about partnering with some of the world's leading investors in this new phase for Deel. He stated, "Through this funding, we intend to further enhance the global payroll infrastructure we have built from scratch. Our mission is to redefine payroll by making it fluid, real-time, and truly borderless, allowing businesses to build, manage, and pay teams from anywhere with a single platform."

The capital raised will be allocated towards accelerating strategic acquisitions aimed at enhancing product capabilities and expanding globally. Deel plans to continue investing in building the foundational systems and operations, striving to offer native payroll solutions in over 100 countries by 2029. Additionally, Deel aims to drive innovations in AI and strengthen automation across its HR and payroll suite, while focusing on recruiting top-tier AI talent. The company's growth trajectory has impacted all business segments and product lines significantly, showcasing remarkable achievements:

• - PEO and US Payroll Solutions: 1,500% growth
• - HR-related Products: 600% growth
• - Global Payroll: 450% growth
• - Deel Immigration / Deel IT: 220% / 410% growth, respectively
• - Multi-Product Adoption: Customers using three or more products have increased by 480%, with those using four or more achieving a staggering 1,200% rise.

With global giants like LEGO, Puma, Virgin Media, and Klarna now utilizing Deel’s solutions, the company’s role as an essential infrastructure supporting global work practices is becoming more evident.

Endorsements from Leading Investors

Micky Malka, founder of Ribbit Capital, voiced his appreciation for Deel's long-standing efforts, saying, "We are thrilled to have become a trusted partner of Deel, recognized by countless businesses. Deel stands out as a unique entity able to build products for companies aiming for global expansion, being a global fully remote company themselves. I believe that the future led by Deel and its management is filled with limitless possibilities."

Ben Horowitz, co-founder of Andreessen Horowitz, also shared his admiration since their initial investment in 2020, stating, "The Deel team has consistently impressed us with their commitment to creating an HR platform that ensures employment opportunities and financial services are accessible to people worldwide, regardless of their location. Deel’s remarkable growth showcases that its infrastructure has become indispensable for customers globally. We are honored to co-lead this latest funding round."

About Deel Inc.

Deel Inc. is a comprehensive payroll and HR management platform designed for global teams. Their innovative platform seamlessly integrates various HR functionalities, including HRIS, payroll, compliance, benefits, and performance management, tailored to the diverse working styles of today. Utilizing AI-driven tools and a proprietary global payroll infrastructure, Deel supports various employment models across more than 150 countries. Their services enable businesses to scale smarter, faster, and with compliance. For more information, visit deel.com.