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Deel raises $425 million Series D and hits $5.5bn valuation

The pandemic has catalysed a growing acceptance of the 'remote-first' work model. Deel says it's here to stay.

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Deel/Alex Bouaziz

The pandemic has been good for tech firms in general but the biggest beneficiaries are those startups that help make working easier during the covid years. One such example is Deel, founded in 2019, which has just hit a $5.5bn valuation after landing its $425 million Series D.

Deel has raised over $630m after a succession of funding rounds last year helped it scale rapidly. In two years the team has grown from four to 400 employees and Deel serves more than 4,500 customers worldwide from names like Coinbase, Intercom and Shopify in over 150 countries. 

The company, founded by Alex Bouaziz and Shuo Wang, helps businesses to hire and onboard staff around the world in a compliant, speedy manner and pays them in 120+ currencies.

The latest funding means Deel has become the highest valued company in the global hiring, payments, and compliance space.

“The way people work is fundamentally changing. And it’s never going back,” said Deel CEO Alex Bouaziz (pictured). 

“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.”

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. 

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