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Corona effect: Deel raised $ 425 million, worth $ 5.5 billion

The company, which has no offices and by 2021 employed less than a hundred employees, is a platform that coordinates between employers and employees remotely: from the creation of coordinated contracts, through payment systems in over 120 different currencies.

It operates in 150 countries around the world and its slaves are spread across 47 different countries

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• Hi-Tech

• start up

• Working from home

• Corona

Walla!

Of money

Monday, 18 October 2021, 15:43 Updated: 16:07

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When we talk about companies that the Corona virus has imposed on us, they did only good, we mean just that: Deel, a company that has developed a platform that allows employees and freelancers in 150 countries around the world, announces the raising of $ 425 million in Round D at a value of $ 5.5 billion. Which strengthens Deel's status as the world's largest value startup in the areas of employment and payments to global and teleworkers. The company's total fundraising to date stands at over $ 630 million.

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, more than 40 CEOs and founders of leading companies participated in the current round. around the world.

The investment in Deel is one of the largest investments in private companies made by Coatue so far.

The New York fund, which manages more than $ 45 billion, invests in both private and public companies, and focuses on investing in fintech companies and companies engaged in the future of the world of work.

As the field of telework has been growing at an extraordinary rate in recent years, the demand for solutions that make it possible to overcome regulatory challenges, wages and payments, is increasing all over the world.

Among other things, Coatue has invested in companies such as Bigdance (Spot-Tic), Spotify (Spotify), payment giant Ant from China, Shopify (Shopify), Snapchat, Databricks and Instacart.

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Alex Boaziz, in about two years the company he founded is already worth $ 5.5 billion (Photo: Deel)

Acquired the Israeli startup ZeitGold

The current round will be used to launch new international payment products, automate international payroll across multiple business entities, develop APIs to create employment contracts directly from employee recruitment and management systems, and continue growth in recruiting new employees to the company. In addition, it was stated that 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 startup ZeitGold several 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," said

. Businesses build international teams that companies need today to be successful.

Now, with a value of $ 5.5 billion, we are establishing our position as a leading company in the field of teleworking to continue to innovate and change the way companies recruit international teams.

"Our vision is to be the best solution in the world for companies and global employees.

" "We have become more and more enthusiastic about the extraordinary growth rate that the company is presenting. I truly believe that what we see only there is only the opening of the full potential of the team of Deel."

Shao Wang, co-founder of Deel.

Raised another $ 425 million (Photo: deel)

Deel, which was founded in late 2019 by Alex Boaziz and Shaw Wang simplifies for companies all 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 accounting 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 has over 4,500 paying customers, including: Shopify, Coinbase, Intercom, Dropbox, Airtable, Brex.

Deal employs 400 people (about 30 of them in Israel), 320 of whom have joined only since the beginning of 2021. The company advocates a fully distributed team model and therefore the company has no offices at all and its employees, who work remotely, are spread across 47 different countries.

The company's employees themselves are employed and receive a salary on the Deel platform.

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