Deel (company)
Company type | Private |
---|---|
Founded | 2018 |
Founder |
|
Headquarters | San Francisco |
Products | Professional employer organization services and payroll services |
Revenue | $500m [1] (2024) |
Number of employees | 3,700 [2] (2024) |
Website | deel |
Deel is an American payroll and compliance provider based in San Francisco, California.[3][4] The company provides hiring and payments services for companies hiring international employees and contractors.[3]
History[edit]
Deel was founded in 2018 by Alex Bouaziz, Shuo Wang, and Ofer Simon.[3][5] Bouaziz and Wang met while studying at MIT in 2013.[6] The founders launched Deel after encountering difficulty hiring international workers for their previous ventures.[6]
Deel entered the Y Combinator startup accelerator in 2019.[7] The company then raised several rounds of funding. In May 2020, venture capital firm Andreessen Horowitz led a $14 million Series A round.[8] In September 2020, the company raised a $48 million Series B.[9] In April 2021, Deel raised $156 million in a Series C round, becoming a unicorn.[10] In October 2021, Deel raised $425 million in a Series D.[11] They also raised $50 million in May 2022.[12]
Deel also acquired several companies providing HR platforms between 2021 and 2023, such as Zeitgold, Roots, PayGroup, and Capbase.[13][14][15][16][17]
As of January 2023, it reported having 2000 employees.[12]
In March 2023, former workers claimed they were miscategorized.[18][19] In June 2023, California state senator Steve Padilla sent a formal request to the California Labor and Workforce Development Agency asking them to investigate the allegations.[20][21]
In March 2024, Deel announced its acquisition of Zavvy, an AI-based 'people development' startup specializing in personalized career progression tools, training, and performance management, as well as PaySpace, an African-based payroll engine. The announcement also included an Annual Recurring Revenue (ARR) milestone of $500 million, and a headcount of over 3,700 people.[22]
Products[edit]
The company offers a platform for companies to hire remote workers.[3][13] Deel hires employees through their own local entity on a company's behalf, acting as the employer of record[23] and managing compliance with employment laws in each country.[6] As of August 2021, it owned 45 entities.[13] As of 2023, Deel operates in more than 150 countries. The company processes international payrolls, allowing withdrawals in different currencies.[24]
Deel also assists with creating contracts that comply with local labor laws using templates.[9][24] It also helps workers access health insurance[3][9] and provides immigration advice about visa processes to companies with digital nomads.[25]
See also[edit]
References[edit]
- ^ "Deel acquires Africa's PaySpace, says it's crossed $500M in ARR". Techcrunch. 2024-03-05. Retrieved 2024-03-30.
- ^ "Deel Careers | Deel".
- ^ a b c d e Son, Hugh (2020-05-21). "Remote work start-up Deel scores $14 million investment led by Andreessen Horowitz". CNBC. Retrieved 2021-10-17.
- ^ "Deel Raises $156M at $1.2B Valuation to Expand Its Global HR Software Solution | Built In San Francisco". www.builtinsf.com. Retrieved 2021-10-17.
- ^ Team, TechRound (2021-11-24). "3. Deel". TechRound. Retrieved 2023-08-04.
- ^ a b c Stoller, Kristin. "Future Of Work—The New HR Frontier: These Tech Startups Are Helping Businesses Adapt To A Remote World". Forbes. Retrieved 2021-10-18.
- ^ "Deel: Payroll for remote teams". Y Combinator. Retrieved 2021-10-17.
- ^ "Meet the startups helping other startups go remote". Protocol — The people, power and politics of tech. 2020-06-04. Retrieved 2021-10-17.
- ^ a b c "Deel nabs $30M more for payroll, compliance and other tools to run global workforces". TechCrunch. 9 September 2020. Retrieved 2021-10-17.
- ^ Azevedo, Mary Ann (2021-04-21). "Remote hiring startup Deel raises $156M at a $1.25B valuation after 20x growth in 2020". TechCrunch. Retrieved 2023-08-04.
- ^ Azevedo, Mary Ann (2021-10-18). "With customers like Coinbase and Shopify, remote hiring startup Deel raises $425M at a $5.5B valuation". TechCrunch. Retrieved 2023-08-04.
- ^ a b Cai, Kenrick. "HR Company Deel, Now Valued At $12 Billion, Nears $300 Million Of Revenue". Forbes. Retrieved 2023-03-07.
- ^ a b c Kokalitcheva, Kia (2021-08-03). "Don't call it "outsourcing": Hiring employees globally is getting easier". Axios. Retrieved 2021-10-17.
- ^ "Done: Deel welcomes new acquisition ZeitGold". Geektime. 2021-08-04. Retrieved 2021-10-17.
- ^ Burroughs, Callum. "Coatue-backed HR startup Deel just made its first acquisition since the New York hedge fund invested in the company at a $5.5 billion valuation". Business Insider. Retrieved 2023-08-04.
- ^ "HR Company Deel Completes PayGroup Acquisition". www.businesswire.com. 2022-11-21. Retrieved 2023-07-30.
- ^ Azevedo, Mary Ann (2023-01-11). "Deel enters equity management space with acquisition of Capbase". TechCrunch. Retrieved 2023-08-01.
- ^ Price, Jenna Gyimesi, Rob. "Workers at $12 billion HR startup Deel say they may have been misclassified as independent contractors. Deel says they have not". Business Insider. Retrieved 2023-07-30.
{{cite web}}
: CS1 maint: multiple names: authors list (link) - ^ Azevedo, Mary Ann (2023-07-06). "Deel under fire for alleged questionable hiring practices, advice to other companies". TechCrunch. Retrieved 2023-07-30.
- ^ "Senator Padilla Urges Investigation into Deel after Company Flaunts Skirting California Worker Protection Laws". California State Senator Steve Padilla. 2023-07-06. Retrieved 2024-04-11.
- ^ C. Padilla, Stephen (June 23, 2023). "Deel Letter from Senator Stephen C. Padilla to California Labor and Workforce Development Agency" (PDF). Senate of California.
- ^ Kene-Okafor, Mary Ann Azevedo and Tage (2024-03-05). "Deel acquires Africa's PaySpace, says it's crossed $500M in ARR". TechCrunch. Retrieved 2024-03-24.
- ^ "HR Tech Startups Could Help Businesses Expand Their Remote Teams And Services". CB Insights Research. 2021-02-03. Retrieved 2021-10-17.
- ^ a b Orbach, Meir (2020-09-10). "Israeli-American automated payroll platform Deel raises $30 million". CTECH - www.calcalistech.com. Retrieved 2021-10-18.
- ^ Smith, Morgan (2023-07-14). "Canada just launched a new digital nomad program—here's what you need to know". CNBC. Retrieved 2023-08-01.