Deel Raises $30 Million in Series B Funding to Break the Confines of Geographically-Concentrated Workforces, Enabling Businesses to Legally Hire Anyone, Anywhere in the World
Spark Capital investment in remote work startup was made entirely remote
Deel, a payroll and compliance platform for international teams, announced it has raised $30 million in Series B funding, led by Spark Capital. The investment closely follows a $14M Series A round, closed in May, led by Andreessen Horowitz. Deel’s total funding now exceeds $48 million, including seed investment and participation from YC Growth Fund and notable angel investors including Nat Friedman, Ryan Petersen, John Zimmer, William Hockey and Alexis Ohanian.
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“Deel’s platform makes more diverse hiring choices possible. Unbound by geography, businesses can hire the best person for the role, wherever and whoever they may be.”
The global pandemic has accelerated the shift to remote work as many U.S. businesses give teams the freedom and space to choose where they work from, ensuring safety while also improving quality of life and operational costs. Without the need for employees to have a physical office presence, it has opened up the opportunity to recruit and hire talent from anywhere in the world.
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Deel’s platform solves the largest logistical challenges that come with moving to a distributed, global workforce: payroll and compliance. Onboarding and paying workers across borders is complex, with specific currency and labor law requirements that vary by country. It can be both costly and time consuming.
“We’ve squashed the conventional notion that there’s a particular radius in which you can attract talent,” said Deel co-founder and CEO, Alex Bouaziz. “By bridging localized compliance and payments and then automating it, we are making a complex and manual process seamless and redefining U.S. companies’ hiring pool to literally include qualified candidates from anywhere.”
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