▼ Summary
– Deel raised $300 million in Series E funding co-led by Ribbit Capital and Andreessen Horowitz, with participation from existing investors.
– The company has been profitable for three years and surpassed $1 billion in ARR, including a $100 million revenue month in September.
– Deel’s business model focuses on serving global companies by handling currency and employment regulation for international teams across 150+ countries.
– Despite a pending lawsuit from rival Rippling, investors expressed strong support, with Ribbit’s founder calling Deel a trusted brand and a16z praising its HR platform.
– Rippling also continued fundraising successfully, raising $450 million in a Series G round at a $16.8 billion valuation in August.
The global payroll and HR platform Deel has successfully secured a substantial $300 million in its Series E funding round, catapulting its valuation to an impressive $17.3 billion. This latest investment was co-led by prominent venture capital firms Ribbit Capital and Andreessen Horowitz, with additional backing from existing supporters Coatue Management and General Catalyst. Despite ongoing legal disputes with competitor Rippling over alleged corporate espionage, Deel’s strong financial performance and market position continue to attract major investors.
Deel reports it has maintained profitability for the past three years and recently surpassed $1 billion in annual recurring revenue, including a record-breaking month in September where it generated $100 million in revenue. The company specializes in simplifying international payroll, compliance, and human resources for businesses with distributed teams across more than 150 countries. Today, Deel supports over 35,000 corporate clients and manages payments and employment regulations for more than 1.5 million workers worldwide.
Legal challenges have not deterred investor confidence. Ribbit Capital founder Micky Malka and Andreessen Horowitz co-founder Ben Horowitz expressed strong public support for Deel, praising its trusted brand and innovative platform for global workforce management. Meanwhile, Rippling, which is engaged in a lawsuit against Deel currently in the discovery phase, also demonstrated robust investor interest by raising $450 million in a Series G round last August, achieving a $16.8 billion valuation. Both companies continue to thrive financially, underscoring the high demand and competitive dynamics within the international HR and payroll sector.
(Source: TechCrunch)
