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| logo = Deel Logo.png
| logo = Deel Logo.png
| founded = {{Start date and age|2018}}
| founded = {{Start date and age|2018}}
| founder = {{Plain list|
| founders = {{Plain list|
* [[Chief executive officer|CEO]]: Alex Bouaziz
* Alex Bouaziz
* [[Chief revenue officer|CRO]]: Shuo Wang
* Shuo Wang
* Ofer Simon
* [[Chief operating officer|COO]]: Dan Westgarth
}}
}}
| hq_location = [[San Francisco]]
| hq_location = [[San Francisco]]
Line 21: Line 21:


== History ==
== History ==
Deel was founded in 2018 by Alex Bouaziz and Shuo Wang, who met while studying at [[MIT]] in 2013.<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=":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 had encountered difficulty hiring international workers affordably while [[bootstrapping]] their own businesses.<ref name=":2" /><ref name=":7">{{Cite web|title=Alex Bouaziz: Build a Remote Team Like Deel|url=https://mercury.com/blog/series-tea/alex-bouaziz|access-date=2021-10-18|website=Mercury Blog|language=en}}</ref>{{Self-published inline|date=November 2021|certain=y}} Deel entered 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> Its initial product allowed companies to hire contractors only.<ref>{{Cite web|title=The top 10 startups from Y Combinator W19 Demo Day 1|url=https://social.techcrunch.com/2019/03/19/best-of-y-combinator/|access-date=2021-10-17|website=TechCrunch|date=19 March 2019 |language=en-US}}</ref>
Deel was founded in 2018 by Alex Bouaziz, Shuo Wang, and Ofer Simon. Alex and Shuo met while studying at [[MIT]] in 2013, while Alex and Ofer had previously collaborated on other business ventures.<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=":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 had encountered difficulty hiring international workers affordably while [[bootstrapping]] their own businesses.<ref name=":2" /><ref name=":7">{{Cite web|title=Alex Bouaziz: Build a Remote Team Like Deel|url=https://mercury.com/blog/series-tea/alex-bouaziz|access-date=2021-10-18|website=Mercury Blog|language=en}}</ref>{{Self-published inline|date=November 2021|certain=y}} Deel entered 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> Its initial product allowed companies to hire contractors only.<ref>{{Cite web|title=The top 10 startups from Y Combinator W19 Demo Day 1|url=https://social.techcrunch.com/2019/03/19/best-of-y-combinator/|access-date=2021-10-17|website=TechCrunch|date=19 March 2019 |language=en-US}}</ref>


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> CNBC reported that the round was conducted entirely using videoconferencing software.<ref name=":0" /> In September 2020 the company then raised an additional $48 million in a Series B led by [[Spark Capital]].<ref name=":3">{{Cite web|title=Deel nabs $30M more for payroll, compliance and other tools to run global workforces|url=https://social.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|date=9 September 2020 |language=en-US}}</ref> Forbes attributed the growth to the increasing adoption of remote work due to the [[COVID-19 pandemic|coronavirus pandemic]].<ref name=":2" />
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> CNBC reported that the round was conducted entirely using videoconferencing software.<ref name=":0" /> In September 2020 the company then raised an additional $48 million in a Series B led by [[Spark Capital]].<ref name=":3">{{Cite web|title=Deel nabs $30M more for payroll, compliance and other tools to run global workforces|url=https://social.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|date=9 September 2020 |language=en-US}}</ref> Forbes attributed the growth to the increasing adoption of remote work due to the [[COVID-19 pandemic|coronavirus pandemic]].<ref name=":2" />

Revision as of 09:33, 21 May 2023

Deel
Company typePrivate
Founded2018; 6 years ago (2018)
Founders
  • Alex Bouaziz
  • Shuo Wang
  • Ofer Simon
HeadquartersSan Francisco
ProductsProfessional employer organization, payroll, invoice processing, debit cards, payment processing
Revenue$300m
Number of employees
2200[1] (2023)
Websitedeel.com

Deel is a privately-held payroll and compliance provider based in San Francisco, California.[2][3] The company provides hiring and payments services for companies hiring international employees and contractors.[2]

History

Deel was founded in 2018 by Alex Bouaziz, Shuo Wang, and Ofer Simon. Alex and Shuo met while studying at MIT in 2013, while Alex and Ofer had previously collaborated on other business ventures.[2][4] The founders had encountered difficulty hiring international workers affordably while bootstrapping their own businesses.[4][5][self-published source] Deel entered the Y Combinator startup accelerator in 2019.[6] Its initial product allowed companies to hire contractors only.[7]

In May 2020, venture capital firm Andreessen Horowitz led a $14 million Series A round.[8] CNBC reported that the round was conducted entirely using videoconferencing software.[2] In September 2020 the company then raised an additional $48 million in a Series B led by Spark Capital.[9] Forbes attributed the growth to the increasing adoption of remote work due to the coronavirus pandemic.[4]

In April 2021, Deel raised $156 million in a Series C round, becoming a unicorn. The investment was led by Y Combinator's YC Continuity Fund, Andreessen Horowitz, and Spark Capital.[10] The company acquired Zeitgold, a German-based payroll automation provider in August 2021 for an undisclosed amount.[11][12] In October 2021, Deel raised $425 million in a Series D round led by Coatue at a $5.5 billion valuation.[13] In May 2022, Deel raised a $50 million round at a $12 billion valuation from investors including Emerson Collective[14]

In June 2022 Deel offered to acquire PayGroup, a public Australian payroll company.[15]

Products

The company offers a central platform for companies to hire employees and independent contractors located remotely.[2][11] Deel hires employees through their own local entity on a company's behalf, acting as the employer of record[16] and managing compliance with employment laws in each country.[4] As of August 2021, it owned 45 entities.[11]

The company processes international payroll, with a range of withdrawal options in multiple currencies, including Coinbase, PayPal, Payoneer, Revolut, and bank transfer.[17] It reported that about 2% of its users withdrew funds in cryptocurrency in 2021.[18]

Deel assists with creating contracts that comply with local labor laws using localized templates.[9][17] It also helps workers access insurance options for health.[2][9]

The company partnered with the United Arab Emirates government to expedite visas for foreign workers.[19]

Operations

Deel is headquartered in San Francisco, California. As of January 2023, it reported having 2000 employees.[14] The company operates completely remotely.[10]

References

  1. ^ "Deel Careers | Deel".
  2. ^ a b c d e f Son, Hugh (2020-05-21). "Remote work start-up Deel scores $14 million investment led by Andreessen Horowitz". CNBC. Retrieved 2021-10-17.
  3. ^ "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.
  4. ^ a b c d 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.
  5. ^ "Alex Bouaziz: Build a Remote Team Like Deel". Mercury Blog. Retrieved 2021-10-18.
  6. ^ "Deel: Payroll for remote teams". Y Combinator. Retrieved 2021-10-17.
  7. ^ "The top 10 startups from Y Combinator W19 Demo Day 1". TechCrunch. 19 March 2019. Retrieved 2021-10-17.
  8. ^ "Meet the startups helping other startups go remote". Protocol — The people, power and politics of tech. 2020-06-04. Retrieved 2021-10-17.
  9. ^ 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.
  10. ^ a b "Remote hiring startup Deel raises $156M at a $1.25B valuation after 20x growth in 2020". TechCrunch. 21 April 2021. Retrieved 2021-10-17.
  11. ^ a b c Kokalitcheva, Kia (2021-08-03). "Don't call it "outsourcing": Hiring employees globally is getting easier". Axios. Retrieved 2021-10-17.
  12. ^ "Done: Deel welcomes new acquisition ZeitGold". Geektime. 2021-08-04. Retrieved 2021-10-17.
  13. ^ "With customers like Coinbase and Shopify, remote hiring startup Deel raises $425M at a $5.5B valuation". TechCrunch. 18 October 2021. Retrieved 2022-07-18.
  14. ^ a b Cai, Kenrick. "HR Company Deel, Now Valued At $12 Billion, Nears $300 Million Of Revenue". Forbes. Retrieved 2023-03-07.
  15. ^ Shen, Lucinda (2022-06-23). "Deel goes on the M&A offensive". Axios. Retrieved 2022-07-18.
  16. ^ "HR Tech Startups Could Help Businesses Expand Their Remote Teams And Services". CB Insights Research. 2021-02-03. Retrieved 2021-10-17.
  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.
  18. ^ Tanzi, Alexandre (2022-02-10). "Crypto Paychecks Have More Appeal Outside the U.S., Says Hiring Firm". Bloomberg News. Retrieved 2022-07-17.
  19. ^ Levingston, Ivan (2022-06-29). "UAE Partners With Startup Deel to Expedite Foreign Worker Visas". Bloomberg News. Retrieved 2022-07-17.
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