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]
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]
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]
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