Remote hiring startup Deel secures USD 156 million in Series C funding

Deel, a company that specializes in offering recruitment, payroll, and compliance tools, has reportedly secured USD 156 million during a Series C funding round which was led by YC Continuity Fund. The California-based startup has now reached a valuation of USD 1.25 billion, establishing itself as a prominent entity in the global payroll and compliance services market.

The funding round also saw participation from existing investors including American venture capital firms Spark Capital and Andreesen Horowitz. Other investors including Anthony Schiller, Jeff Wilke, Jeffrey Katzenberg, Lachy Groom, and Uber’s CEO Dara Khosrowshahi among others were also involved in the fundraising.

For the uninitiated, Deel allows enterprises to recruit people using a compliant approach. Founded in 2018 by MIT graduates Shuo Wang and Alex Bouaziz, the platform is known to take less than 5 minutes for recruitment and integration of global employees as well as subcontractors, without the need for a local entity.

Deel was already focusing on establishing itself in a prominent position during the pandemic last year, helping several companies in adapting the radical change in recruitment and labor standards.

The fresh investments from the Series C funding will enable Deel to continue with its global expansion efforts while emphasizing adding features including open APIs and pay equity to its platform.

According to CEO Alex Bouaziz, the platform has managed to put all business-related complexities in one user-friendly and reliable product. He added that the fresh funds will allow the team to offer additional opportunities to enterprises, entrepreneurs, and employees across the globe.

Deel managed to improve its turnover 20 times in 2020 and currently supports over 1800 enterprises across the globe. This explosive growth has allowed the company to bag several successful fundraisers off late, amassing around USD 206 million in less than a year.

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https://www.businesswire.com/news/home/20210421006128/fr