The investment was led by the YC Continuity Fund and existing backers Andreessen Horowitz and Spark Capital. The raise comes seven months after Deel raised a USD 30 million Series B financing. Also, it propels Deel, a three-year-old company, to unicorn status with a USD 1.25 billion valuation —the company was valued at USD 225 million post-money seven months prior. Deel aims to allow businesses ‘to hire anyone, anywhere, in a compliant manner’. It claims that by using its services, businesses can hire and onboard international employees or contractors in less than five minutes, with no local entity required and that ‘paying them in 120+ currencies takes just a click’.
Deel plans to use its new capital to continue an international expansion and set up 80 new Deel-owned entities across the world in 2021. Deel also plans to do some hiring itself and grow its product offerings. CB Insights projects the industry for virtual HR software will grow to USD 43 billion by 2026 as technology platforms like Deel help businesses make the transition to remote-first work.
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