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Deel (company)

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Not to be confused with Dell or Deli (company).
Deel
Company typePrivate
Founded2019; 5 years ago (2019)
Founder
  • Alex Bouaziz (CEO)
  • Shuo Wang (CRO)
  • Dan Westgarth (COO)
HeadquartersSan Francisco
Products Professional employer organization services and payroll services
Revenue$500m [1] (2024)
Number of employees
3,000 [2] (2024)
Websitedeel.com

Deel is an American payroll and outsourcing[3][4] company based in San Francisco, California.[5][6] The company provides hiring, payments, and outsourcing services for companies hiring international employees and contractors.[5][3][4]

History

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Deel was founded in 2019 by Alex Bouaziz, Shuo Wang, and Ofer Simon.[7] Bouaziz and Wang met while studying at MIT in 2013.[8] The founders launched Deel after encountering difficulty hiring international workers for their previous ventures.[8]

Deel launched after entering the Y Combinator startup accelerator in 2019.[9] The company then raised several rounds of funding. In May 2020, venture capital firm Andreessen Horowitz led a $14 million Series A round.[10] In September 2020, the company raised a $48 million Series B.[3] In April 2021, Deel raised $156 million in a Series C round, becoming a unicorn.[11] In October 2021, Deel raised $425 million in a Series D.[12] They also raised $50 million in May 2022, valuing the company at $12 billion.[13]

As Deel expanded, Forbes reported "a five-person “Navy SEAL” team" went from country to country to quickly incorporate new local business entities.[7] It also began to make acquisitions. By 2023 it had acquired several companies providing HR platforms such as Zeitgold, Roots, PayGroup, and Capbase.[14][15][16][17][18]

In January 2023, it reported having 2,000 employees.[13]

In March 2023, former workers claimed they were miscategorized.[19][20] 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.[21][22]

In March 2024, Deel announced its acquisition of Zavvy, a 'people development' startup based in Munich, Germany, as well as PaySpace, an African-based payroll engine.[23] The company reported it had reached a milestone of $500 million in annual recurring revenue[24] and a headcount of 3,000.[25]

Acquisitions

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In July 2024, Deel acquired London-based Hofy, a company that helps manage office equipment for remote hires.[26]

Products

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The company offers a platform for companies to hire remote workers.[5][14] Deel hires employees through their own local entity on a company's behalf, acting as the employer of record[27] and managing compliance with employment laws in each country.[8] As of August 2021, it owned 45 entities.[14] As of 2023, Deel operates in more than 150 countries. The company processes international payrolls, allowing withdrawals in different currencies.[4]

Deel also assists with creating contracts that comply with local labor laws using templates.[3][4] It also helps workers access health insurance[5][3] and provides immigration advice about visa processes to companies with digital nomads.[28]

See also

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References

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  1. ^ "Deel acquires Africa's PaySpace, says it's crossed $500M in ARR". Techcrunch. 2024-03-05. Retrieved 2024-03-30.
  2. ^ "Deel Careers | Deel".
  3. ^ a b c d e "Deel nabs $30M more for payroll, compliance and other tools to run global workforces". TechCrunch. 9 September 2020. Retrieved 2021-10-17.
  4. ^ a b c d Orbach, Meir (2020-09-10). "Israeli-American automated payroll platform Deel raises $30 million". CTECH - www.calcalistech.com. Retrieved 2021-10-18.
  5. ^ a b c d Son, Hugh (2020-05-21). "Remote work start-up Deel scores $14 million investment led by Andreessen Horowitz". CNBC. Retrieved 2021-10-17.
  6. ^ "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.
  7. ^ a b Cai, Kenrick. "$12 Billion HR Startup Deel Changed Global Hiring. Now It Wants To Change Regulators' Minds". Forbes. Retrieved 2024-05-07.
  8. ^ 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.
  9. ^ "Deel: Payroll for remote teams". Y Combinator. Retrieved 2021-10-17.
  10. ^ "Meet the startups helping other startups go remote". Protocol — The people, power and politics of tech. 2020-06-04. Retrieved 2021-10-17.
  11. ^ 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.
  12. ^ 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.
  13. ^ a b Cai, Kenrick. "HR Company Deel, Now Valued At $12 Billion, Nears $300 Million Of Revenue". Forbes. Retrieved 2023-03-07.
  14. ^ a b c Kokalitcheva, Kia (2021-08-03). "Don't call it "outsourcing": Hiring employees globally is getting easier". Axios. Retrieved 2021-10-17.
  15. ^ "Done: Deel welcomes new acquisition ZeitGold". Geektime. 2021-08-04. Retrieved 2021-10-17.
  16. ^ 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.
  17. ^ "HR Company Deel Completes PayGroup Acquisition". www.businesswire.com. 2022-11-21. Retrieved 2023-07-30.
  18. ^ Azevedo, Mary Ann (2023-01-11). "Deel enters equity management space with acquisition of Capbase". TechCrunch. Retrieved 2023-08-01.
  19. ^ 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)
  20. ^ Azevedo, Mary Ann (2023-07-06). "Deel under fire for alleged questionable hiring practices, advice to other companies". TechCrunch. Retrieved 2023-07-30.
  21. ^ "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.
  22. ^ C. Padilla, Stephen (June 23, 2023). "Deel Letter from Senator Stephen C. Padilla to California Labor and Workforce Development Agency" (PDF). Senate of California.
  23. ^ Lunden, Ingrid (2024-02-28). "Deel, the $12B HR startup, acquires Zavvy to step up consolidation play". TechCrunch. Retrieved 2024-05-08.
  24. ^ 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.
  25. ^ "Deel Careers". www.deel.com. Retrieved 2024-05-07.
  26. ^ Wiggers, Kyle (2024-07-18). "Deel acquires Hofy to build its own IT device management service". TechCrunch. Retrieved 2024-09-05.
  27. ^ "HR Tech Startups Could Help Businesses Expand Their Remote Teams And Services". CB Insights Research. 2021-02-03. Retrieved 2021-10-17.
  28. ^ 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.
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