What's Happening?
Deel, a global payroll and compliance platform, has raised $300 million in a Series E funding round, increasing its valuation to $17.3 billion. The round was co-led by Ribbit Capital and Andreessen Horowitz,
with participation from existing investors like Coatue Management and General Catalyst. Deel has been profitable for three years and reports over $1 billion in annual recurring revenue, serving more than 35,000 customers across 150 countries. Despite ongoing legal disputes with competitor Rippling, Deel continues to attract significant investment, highlighting its robust business model and global reach.
Why It's Important?
Deel's substantial valuation and successful funding round underscore the growing importance of global payroll solutions in an increasingly interconnected business environment. The company's ability to navigate complex international employment regulations makes it a valuable partner for multinational corporations. The investment from top-tier venture capital firms reflects confidence in Deel's market position and potential for continued growth. As businesses expand globally, platforms like Deel play a crucial role in facilitating seamless operations across borders, driving efficiency and compliance in international workforce management.
