Business

Deel raises $156 million, reaches unicorn status, and expands to Brazil

The Series C round was led by YC Continuity Fund, and makes Deel’s valuation spike at $1.25 billion

Photo: Deel/Twitter
  • Deel was co-founded in 2018 by MIT alumni Alex Bouaziz and Shuo Wang;
  • It plans to grow its team by hiring exceptional talent across the globe.

Global hiring and payments startup Deel raised $156 million in Series C funding led by the YC Continuity Fund and has welcomed Ali Rowghani to its board. The round was co-led by existing investors Andreessen Horowitz and Spark Capital. Uber‘s CEO Dara Khosrowshahi, Lachy Groom, Jeffrey Katzenberg, Jeff Wilke, and Anthony Schiller also participated in the round, among others.

The US-based startup reached a unicorn status, with a valuation of $1.25 billion, and started to operate in Brazil this month, as reported by Valor Econômico.

Expanding remote-first work worldwide

Deel allows businesses to hire talent anywhere. It says that hiring and onboarding international employees or contractors takes under 5 minutes, with no local entity required. The firm also conducts the payroll in more than 120 currencies.

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Deel was co-founded in 2018 by MIT alumni Alex Bouaziz and Shuo Wang. It was already focused on making more easy to hire globally when the pandemic hit, putting the startup in a prime position to help companies adjust to the dramatic shift in working and hiring norms.

We built Deel to be the solution for companies wanting to hire anywhere around the world, from Argentina to Zambia

Alex Bouaziz, ceo at deel

In 2020, Deel grew by 20 times in revenue and now supports over 1,800 businesses worldwide. Deel’s explosive growth led to back-to-back funding rounds, totaling $206 million in under a year. With this Series C financing, Deel plans to continue international expansion by tapping into new markets and setting up 80 new Deel-owned entities across the world in 2021.

It also plans to grow its team by hiring exceptional talent across the globe. Additionally, Deel will continue to improve, build, and grow their product offerings across the board by focusing on features such as employee equity and an open API.

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“The way people work is fundamentally changing and Deel is leading the way,” said Ali Rowghani, from YC Continuity. “Deel was at the forefront of remote work pre-pandemic, and it will be long after. The team is uniquely equipped to remove the obstacles of remote work so companies hire the best talent in the world, instead of only those nearest to them.”

“I’m excited to be investing in Deel the platform, which streamlines the complex minutiae of payments and compliance, removing the obstacles so that companies worldwide can go ahead and hire the best talent anywhere, instead of just the nearest talent to them,” said Dara Khosrowshahi, Uber CEO.

READ ALSO: After COVID-19, what will work and offices look like in Latin America?

Deel’s own team is entirely remote, and has grown from 7 employees to over 120 across 26 countries since January 2020. It currently has job openings in Brazil and Latin America.

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