Deel, a digital payroll provider, announced on Wednesday it raised $156 million through its Series C funding round, which brought the company’s valuation to $1.25 billion and making it achieve unicorn status. Founded in 2018, Deel describes itself as a global payroll solution that helps businesses hire anyone, anywhere. Using a tech-enabled self-serve process, Deel customers may now hire independent contractors or full-time employees in over 150 countries, compliantly and in minutes. The company now serves more than 1,800 customers from SMBs to publicly traded companies.
According to Deel, the investment round was led by YC Continuity with participation from Andreessen Horowitz and Spark Capital. The company’s total funding is now more than $200 million, all within a year. The company also recently that since January 2020, it has grown from a small startup of 7 employees to more than 120 across 30 countries.
“We’ve helped countless businesses tap into new talent, expand their hiring horizons, and build better remote teams with features like Deel Card, Equipment, Advance, for Employees, and adding 120+ currencies. And it’s just the start.”
Deel also welcomed Ali Rowghani, Managing Director of Y Combinator and previously COO of Twitter and Pixar’s CFO, to its board. In regards to future plans, Deel added:
“Continuing our international growth trajectory is a huge focus. With plans to open 80 additional Deel-owned entities before 2022, we’re creating the infrastructure to make hiring international employees limitless so that you can build your global dream team. Making Deel the best it can be is always a top priority. We’ll ship new features faster. For example, the ability to grant equity globally and opening our Deel API. We’ll also create more robust capabilities, like global salary insights, that didn’t exist before all while continuing to help every business turn hiring hurdles into ramps.”