Deel (company): Difference between revisions
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{{Short description|A private San Francisco-based payroll and compliance provider}} |
{{Short description|A private San Francisco-based payroll and compliance provider}} |
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{{distinguish|Dell|Deli (company)}} |
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{{Infobox company |
{{Infobox company |
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| name = Deel |
| name = Deel |
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| type = [[Privately held company|Private]] |
| type = [[Privately held company|Private]] |
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| logo = Deel Logo.png |
| logo = Deel Logo.png |
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| founded = {{Start date and age| |
| founded = {{Start date and age|2019}} |
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| founder = {{Plain list| |
| founder = {{Plain list| |
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* Alex Bouaziz (CEO) |
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* [[Chief executive officer|CEO]]: Alex Bouaziz |
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* Shuo Wang (CRO) |
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* [[Chief revenue officer|CRO]]: Shuo Wang |
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* Dan Westgarth (COO) |
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* [[Chief operating officer|COO]]: Dan Westgarth |
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}} |
}} |
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| hq_location = [[San Francisco]] |
| hq_location = [[San Francisco]] |
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| revenue = $500m <ref>{{Cite web|url=https://techcrunch.com/2024/03/05/deel-acquires-payspace-500m-arr/ |title=Deel acquires Africa’s PaySpace, says it’s crossed $500M in ARR |publisher=Techcrunch |date=2024-03-05 |access-date=2024-03-30}}</ref> |
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| revenue = $300m |
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| revenue_year = 2024 |
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| num_employees = |
| num_employees = 3,000 <ref>{{Cite web|url=https://www.deel.com/careers|title=Deel Careers | Deel}}</ref> |
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| num_employees_year = |
| num_employees_year = 2024 |
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| products = [[Professional employer organization |
| products = [[Professional employer organization | Professional employer organization services]] and [[payroll | payroll services]] |
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| website = |
| website = {{URL|https://deel.com}} |
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}} |
}} |
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'''Deel''' is |
'''Deel''' is an American [[payroll]] and compliance provider based in [[San Francisco]], California.<ref name=":0">{{Cite web |last=Son |first=Hugh |date=2020-05-21 |title=Remote work start-up Deel scores $14 million investment led by Andreessen Horowitz |url=https://www.cnbc.com/2020/05/21/remote-work-andreessen-horowitz-leads-14-million-round-in-deel-payroll-start-up.html |access-date=2021-10-17 |website=CNBC |language=en}}</ref><ref name=":6">{{Cite web|title=Deel Raises $156M at $1.2B Valuation to Expand Its Global HR Software Solution {{!}} Built In San Francisco|url=https://www.builtinsf.com/2021/04/22/deel-raises-156m-remote-hiring-unicorn|access-date=2021-10-17|website=www.builtinsf.com|language=en}}</ref> The company provides hiring and payments services for companies hiring international employees and contractors.<ref name=":0" /> |
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== History == |
== History == |
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Deel was founded in |
Deel was founded in 2019 by Alex Bouaziz, Shuo Wang, and Ofer Simon.<ref name=":4">{{Cite web |last=Cai |first=Kenrick |title=$12 Billion HR Startup Deel Changed Global Hiring. Now It Wants To Change Regulators’ Minds |url=https://www.forbes.com/sites/kenrickcai/2023/12/04/12-billion-hr-startup-deel-changed-global-hiring-now-it-wants-to-change-regulators-minds/ |access-date=2024-05-07 |website=Forbes |language=en}}</ref> Bouaziz and Wang met while studying at [[MIT]] in 2013.<ref name=":2">{{Cite web|last=Stoller|first=Kristin|title=Future Of Work—The New HR Frontier: These Tech Startups Are Helping Businesses Adapt To A Remote World|url=https://www.forbes.com/sites/kristinstoller/2021/03/09/future-of-work-the-new-hr-frontier-these-tech-startups-are-helping-businesses-adapt-to-a-remote-world/|access-date=2021-10-18|website=Forbes|language=en}}</ref> The founders launched Deel after encountering difficulty hiring international workers for their previous ventures.<ref name=":2" /> |
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In May 2020, venture capital firm [[Andreessen Horowitz]] led a $14 million Series A round.<ref>{{Cite web|date=2020-06-04|title=Meet the startups helping other startups go remote|url=https://www.protocol.com/startups-remote-work-coronavirus-pandemic|access-date=2021-10-17|website=Protocol — The people, power and politics of tech|language=en}}</ref> |
Deel launched after entering the [[Y Combinator]] startup accelerator in 2019.<ref>{{Cite web|title=Deel: Payroll for remote teams.|url=https://www.ycombinator.com/companies/deel|access-date=2021-10-17|website=Y Combinator|language=en}}</ref> The company then raised several rounds of funding. In May 2020, venture capital firm [[Andreessen Horowitz]] led a $14 million Series A round.<ref>{{Cite web |date=2020-06-04 |title=Meet the startups helping other startups go remote |url=https://www.protocol.com/startups-remote-work-coronavirus-pandemic |access-date=2021-10-17 |website=Protocol — The people, power and politics of tech |language=en}}</ref> In September 2020, the company raised a $48 million Series B.<ref name=":3" /> In April 2021, Deel raised $156 million in a Series C round, becoming a [[Unicorn (finance)|unicorn]].<ref name=":7">{{Cite web |last=Azevedo |first=Mary Ann |date=2021-04-21 |title=Remote hiring startup Deel raises $156M at a $1.25B valuation after 20x growth in 2020 |url=https://techcrunch.com/2021/04/21/remote-hiring-startup-deel-raises-156m-at-a-1-25b-valuation-after-20x-growth-in-2020/ |access-date=2023-08-04 |website=TechCrunch |language=en-US}}</ref> In October 2021, Deel raised $425 million in a Series D.<ref>{{Cite web |last=Azevedo |first=Mary Ann |date=2021-10-18 |title=With customers like Coinbase and Shopify, remote hiring startup Deel raises $425M at a $5.5B valuation |url=https://techcrunch.com/2021/10/18/with-customers-like-coinbase-and-shopify-remote-hiring-startup-deel-raises-425m-at-a-5-5b-valuation/ |access-date=2023-08-04 |website=TechCrunch |language=en-US}}</ref> They also raised $50 million in May 2022, valuing the company at $12 billion.<ref name=":8">{{Cite web |last=Cai |first=Kenrick |title=HR Company Deel, Now Valued At $12 Billion, Nears $300 Million Of Revenue |url=https://www.forbes.com/sites/kenrickcai/2023/01/23/deel-emerson-collective-funding-12-billion-valuation-300-million-revenue/ |access-date=2023-03-07 |website=Forbes |language=en}}</ref> |
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As Deel expanded, Forbes reported "a five-person “Navy SEAL” team" went from country to country to quickly incorporate new local business entities.<ref name=":4" /> It also began to make acquisitions. By 2023 it had acquired several companies providing HR platforms such as Zeitgold, Roots, PayGroup, and Capbase.<ref name=":1" /><ref>{{Cite web |date=2021-08-04 |title=Done: Deel welcomes new acquisition ZeitGold |url=https://www.geektime.com/israeli-fintech-startup-deel-acquires-zeitgold/ |access-date=2021-10-17 |website=Geektime |language=en}}</ref><ref>{{Cite web |last=Burroughs |first=Callum |title=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 |url=https://www.businessinsider.com/deel-hr-startup-makes-first-acquisition-since-coatue-backing-2022-1 |access-date=2023-08-04 |website=Business Insider |language=en-US}}</ref><ref>{{Cite web |date=2022-11-21 |title=HR Company Deel Completes PayGroup Acquisition |url=https://www.businesswire.com/news/home/20221121005278/en/HR-Company-Deel-Completes-PayGroup-Acquisition |access-date=2023-07-30 |website=www.businesswire.com |language=en}}</ref><ref>{{Cite web |last=Azevedo |first=Mary Ann |date=2023-01-11 |title=Deel enters equity management space with acquisition of Capbase |url=https://techcrunch.com/2023/01/11/deel-enters-equity-management-space-with-acquisition-of-capbase/ |access-date=2023-08-01 |website=TechCrunch |language=en-US}}</ref> |
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In January 2023, it reported having 2,000 employees.<ref name=":8" /> |
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In June 2022 Deel offered to acquire PayGroup, a public Australian payroll company.<ref>{{Cite web |last=Shen |first=Lucinda |date=2022-06-23 |title=Deel goes on the M&A offensive |url=https://www.axios.com/pro/fintech-deals/2022/06/23/deel-goes-on-the-ma-offensive |access-date=2022-07-18 |website=Axios |language=en}}</ref> |
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In March 2023, former workers claimed they were miscategorized.<ref>{{Cite web |last=Price |first=Jenna Gyimesi, Rob |title=Workers at $12 billion HR startup Deel say they may have been misclassified as independent contractors. Deel says they have not. |url=https://www.businessinsider.com/deel-careers-workers-independent-contractors-startup-says-not-misclassified-2023-3 |access-date=2023-07-30 |website=Business Insider |language=en-US}}</ref><ref>{{Cite web |last=Azevedo |first=Mary Ann |date=2023-07-06 |title=Deel under fire for alleged questionable hiring practices, advice to other companies |url=https://techcrunch.com/2023/07/06/deel-under-fire-for-alleged-questionable-hiring-practices-advice-to-other-companies/ |access-date=2023-07-30 |website=TechCrunch |language=en-US}}</ref> 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.<ref>{{Cite web |date=2023-07-06 |title=Senator Padilla Urges Investigation into Deel after Company Flaunts Skirting California Worker Protection Laws |url=https://sd18.senate.ca.gov/news/senator-padilla-urges-investigation-deel-after-company-flaunts-skirting-california-worker |access-date=2024-04-11 |website=California State Senator Steve Padilla |language=en}}</ref><ref>{{Cite journal |last=C. Padilla |first=Stephen |date=June 23, 2023 |title=Deel Letter from Senator Stephen C. Padilla to California Labor and Workforce Development Agency |url=https://sd18.senate.ca.gov/sites/sd18.senate.ca.gov/files/pdf/DEEL%20LETTER.pdf |journal=Senate of California}}</ref> |
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⚫ | The company offers a |
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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.<ref>{{Cite web |last=Lunden |first=Ingrid |date=2024-02-28 |title=Deel, the $12B HR startup, acquires Zavvy to step up consolidation play |url=https://techcrunch.com/2024/02/28/deel-the-12b-hr-startup-acquires-zavvy-to-step-up-consolidation-play/ |access-date=2024-05-08 |website=TechCrunch |language=en-US}}</ref> The company reported it had reached a milestone of $500 million in annual recurring revenue<ref>{{Cite web |last=Kene-Okafor |first=Mary Ann Azevedo and Tage |date=2024-03-05 |title=Deel acquires Africa's PaySpace, says it's crossed $500M in ARR |url=https://techcrunch.com/2024/03/05/deel-acquires-payspace-500m-arr/ |access-date=2024-03-24 |website=TechCrunch |language=en-US}}</ref> and a headcount of 3,000.<ref>{{Cite web |title=Deel Careers |url=https://www.deel.com/careers |access-date=2024-05-07 |website=www.deel.com |language=en}}</ref> |
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Deel assists with creating contracts that comply with local labor laws using localized templates.<ref name=":3" /><ref name=":5" /> It also helps workers access insurance options for health.<ref name=":0" /><ref name=":3" /> |
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⚫ | The company offers a platform for companies to hire remote workers.<ref name=":0" /><ref name=":1">{{Cite news |last=Kokalitcheva |first=Kia |date=2021-08-03 |title=Don't call it "outsourcing": Hiring employees globally is getting easier |work=[[Axios (website)|Axios]] |url=https://www.axios.com/remote-work-deel-seitzgold-9d16e8dc-a250-40ef-a405-1b22d9a03f2d.html |access-date=2021-10-17}}</ref> Deel hires employees through their own local entity on a company's behalf, acting as the [[employer of record]]<ref>{{Cite web|date=2021-02-03|title=HR Tech Startups Could Help Businesses Expand Their Remote Teams And Services|url=https://www.cbinsights.com/research/remote-hiring-startups-gaining-traction/|access-date=2021-10-17|website=CB Insights Research|language=en-US}}</ref> and managing compliance with employment laws in each country.<ref name=":2" /> As of August 2021, it owned 45 entities.<ref name=":1" /> As of 2023, Deel operates in more than 150 countries. The company processes international payrolls, allowing withdrawals in different currencies.<ref name=":5">{{Cite web|last=Orbach|first=Meir|date=2020-09-10|title=Israeli-American automated payroll platform Deel raises $30 million|url=https://www.calcalistech.com/ctech/articles/0,7340,L-3849117,00.html|access-date=2021-10-18|website=CTECH - www.calcalistech.com}}</ref> |
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Deel also assists with creating contracts that comply with local labor laws using templates.<ref name=":3">{{Cite web |date=9 September 2020 |title=Deel nabs $30M more for payroll, compliance and other tools to run global workforces |url=https://techcrunch.com/2020/09/09/deel-nabs-30m-more-for-payroll-compliance-and-other-tools-to-run-global-workforces/ |access-date=2021-10-17 |website=TechCrunch |language=en-US}}</ref><ref name=":5" /> It also helps workers access health insurance<ref name=":0" /><ref name=":3" /> and provides immigration advice about [[Travel visa|visa]] processes to companies with [[digital nomad]]s.<ref>{{Cite web |last=Smith |first=Morgan |date=2023-07-14 |title=Canada just launched a new digital nomad program—here's what you need to know |url=https://www.cnbc.com/2023/07/14/canada-just-launched-a-new-digital-nomad-programwhat-you-need-to-know.html |access-date=2023-08-01 |website=CNBC |language=en}}</ref> |
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The company partnered with the [[United Arab Emirates]] government to expedite visas for foreign workers.<ref>{{Cite news |last=Levingston |first=Ivan |date=2022-06-29 |title=UAE Partners With Startup Deel to Expedite Foreign Worker Visas |work=[[Bloomberg News]] |url=https://www.bloomberg.com/news/articles/2022-06-30/uae-partners-with-startup-deel-to-expedite-foreign-worker-visas |access-date=2022-07-17}}</ref> |
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== See also == |
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{{Portal|San Francisco Bay Area|Companies |
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Deel is headquartered in San Francisco, California. As of January 2023, it reported having 2000 employees.<ref name=":8" /> The company operates completely [[Remote work|remotely]].<ref name=":4" /> |
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}}{{Div col|colwidth=30em|content=* [[Global labor arbitrage]] |
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* [[Global workforce]]}} |
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== References == |
== References == |
Latest revision as of 12:23, 21 June 2024
Company type | Private |
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Founded | 2019 |
Founder |
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Headquarters | San Francisco |
Products | Professional employer organization services and payroll services |
Revenue | $500m [1] (2024) |
Number of employees | 3,000 [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 2019 by Alex Bouaziz, Shuo Wang, and Ofer Simon.[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 launched after entering 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, valuing the company at $12 billion.[12]
As Deel expanded, Forbes reported "a five-person “Navy SEAL” team" went from country to country to quickly incorporate new local business entities.[5] It also began to make acquisitions. By 2023 it had acquired several companies providing HR platforms such as Zeitgold, Roots, PayGroup, and Capbase.[13][14][15][16][17]
In January 2023, it reported having 2,000 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, a 'people development' startup based in Munich, Germany, as well as PaySpace, an African-based payroll engine.[22] The company reported it had reached a milestone of $500 million in annual recurring revenue[23] and a headcount of 3,000.[24]
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[25] 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.[26]
Deel also assists with creating contracts that comply with local labor laws using templates.[9][26] It also helps workers access health insurance[3][9] and provides immigration advice about visa processes to companies with digital nomads.[27]
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 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.
- ^ a b Cai, Kenrick. "$12 Billion HR Startup Deel Changed Global Hiring. Now It Wants To Change Regulators' Minds". Forbes. Retrieved 2024-05-07.
- ^ 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.
- ^ Lunden, Ingrid (2024-02-28). "Deel, the $12B HR startup, acquires Zavvy to step up consolidation play". TechCrunch. Retrieved 2024-05-08.
- ^ 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.
- ^ "Deel Careers". www.deel.com. Retrieved 2024-05-07.
- ^ "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.