Deel Nets $425M in Series D Funding

Remote hiring company Deel has generated $425 million in its most recent Series D funding round, pushing the total amount raised to more than $630 million, according to a Monday (Oct. 18) press release.

With the latest funding round, led by U.S.-based Coatue, the 2-year-old company’s value reached $5.5 billion. A few new and existing investors also contributed to this round, including Altimeter Capital, Andreessen Horowitz, the YC Continuity Fund, Spark Capital, Greenbay Ventures and Neo, among others.  

Using a tech-enabled self-serve process, Deel’s more than 4,500 customers can hire independent contractors and full-time employees in more than 150 countries.

With more than 250 legal, accounting, mobility and tax experts as collaborators, Deel enables businesses to create, sign and send compliant localized contracts from a collection of templates and pay teams in more than 120 currencies. The company provides payroll, HR, compliance, perks and benefits, as well as other hiring-related capabilities.

Since its founding in 2019, the company’s staff has grown from four to 400.  

See also: Deel Raises $156 Million In Series C Funding For Remote Payroll Solution 

Deel officially reached unicorn status in April, when the company netted $156 million in Series C funding, which pushed its valuation to $1.25 billion. 

The company’s rapid growth has been propelled by the remote workforce shift in the wake of the COVID-19 pandemic and amid workplace closures last year, according to PYMNTS.

Read more: Deel Lands $30M In Series B For Distributed Workforce Payroll  

In 2020, Deel’s revenue surged twentyfold, with the hiring platform increasing to support more than 1,800 businesses worldwide.  

The company’s expansion led to three previous funding rounds beginning in May 2020. Deel generated $200 million in less than a year’s time.

Deel’s technology addresses the biggest logistical hurdles associated with onboarding globally remote employees and contractors: Compliance and payroll. The company said hiring and compensating international workers is complicated, as labor laws and currency requirements differ between countries.