Within half a year – the start-up Deel shows a jump of hundreds of percent

Within half a year – the start-up Deel shows a jump of hundreds of percent
Within half a year – the start-up Deel shows a jump of hundreds of percent

The part-startup that developed a global system for hiring employees and freelancers raised $ 425 million in Round D at a value of $ 5.5 billion. The company’s total fundraising to date stands at over $ 630 million. The company is developing a payroll and payment system for freelancers and global employees. The company’s previous round was in April 2021 when it raised $ 156 million worth $ 1.25 billion.

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The system developed by the company simplifies the employment and management processes of employees and freelancers around the world. Tin have developed a “self-service” platform that addresses all aspects of remote employee employment – from creating customized contracts, HR-side management and employee benefits, creating pay slips and the payment itself. The platform adapts employment contracts and payroll accounts to local regulation in 150 countries by partnerships with over 250 leading law firms and accountants from around the world. Deel has an independent payment infrastructure that allows a variety of means of payment for employees and suppliers of over 120 currencies, while interfacing with customers’ financial software.

The company’s founders are the Israeli Alex Boaziz, who serves as the company’s CEO, and Shaw Wang, who is not based in Israel. The company was established in 2019 and employs 400 people, 30 of them in Israel. Boaziz declined to be interviewed, but now said they expect to be a $ 100 billion company. The company operates in a fully distributed team model, so the company has no offices at all and its employees, who work remotely, are spread across 47 different countries.

The current round was led by the Coatue investment fund and was attended by existing and new investors, including Altimeter Capital, Andreessen Horowitz, Neo, Spark Capital, Greenbay Ventures and YC Continuity. In addition, the company said that in the current round, more than 40 CEOs and founders of leading companies around the world participated.

Coatue is a New York fund that manages over $ 45 billion, including Coatue has invested in companies such as Bigdance, Spotify, payment giant Ant from China, Shopify, Snapchat, Databricks and Instacart .

The company intends to continue to use the funds raised for acquisitions of companies in the field in order to streamline and expand the company’s capabilities, as it acquired the Israeli-German start-up ZeitGold a few months ago.

“The way people work is changing fundamentally, and the work models that were accepted before the Corona will not come back in the foreseeable future,” Boaziz said. “We set up Deel because we believe that a pay-as-you-go bureaucracy should not prevent businesses from building international teams that companies need today in order to be successful.”

The company states that it has over 4,500 paying customers, including: Shopify, Reddit, Coinbase, Intercom, Dropbox, Airtable, Brex.

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