Deel announced today 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. This new funding round was led by US-based Coatue. Several new and existing investors also participated in this round, including Altimeter Capital, Andreessen Horowitz, the YC Continuity Fund, Spark Capital, Greenbay Ventures, Neo, and over 40 of the world’s leading operators.
“The way people work is fundamentally changing. And it’s never going back,” said Deel CEO Alex Bouaziz. “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.”
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.
With the funding Deel will launch Deel Premium to further protect companies against misclassification risks, release the Open API, and open another 20 Deel-owned entities (with 60 live).
Announcement: Deel Raises $425M to Support Global Talent