Global HR and payroll platform Deel is reporting a Series E round, acquiring $300 million and achieving a $17.3 billion valuation. This capital injection, co-led by Ribbit Capital, Andreessen Horowitz, and Coatue Management, highlights Deel’s steady financial performance and its potential for growth in the payroll market.
Deel’s latest investment round comes as the company surpassed $1 billion in annual recurring revenue and claims to have achieved profitability for 3 consecutive years. This is seemingly significant, particularly due to certain legal challenges the firm is dealing with, which includes a lawsuit with Rippling.
As covered, Deel aims to serve as the all-in-one Global People Platform that focuses on streamlining every aspect of managing an international workforce—from culture and onboarding, to local payroll and compliance.
Their suite of HR tools, payroll solutions, mobility services, and compliance expertise makes it possible for firms to scale globally with flexibility.
Deel says that they serve many companies worldwide—from small teams to publicly traded enterprise businesses.
Alex Bouaziz, CEO of Deel, told the FT that the firm topped $100m in monthly revenue for the first time in September. The HR company reportedly generates between US$15m and $17 million in earnings before interest, taxes, depreciation and amortisation.
As reported last year, HR firm Deel had acquired Atlantic Money, a cross-border payments company that had initially tried to compete with UK Fintech Wise.
In August of 2024, Deel announced that it would be acquiring Hofy. Deel claims that they are now “bringing the best IT services and device lifecycle management in-house.”
Deel reportedly owns numerous legal entities and maintains financial licences in the United States, Canada, the UK and the EU. The firm aims to achieve real-time native payroll processing in 100 different countries in the foreseeable future.
The firm reports completing 13 acquisitions. Recently, it acquired London-based Omnipresent in a transaction said to be valued at $15 million.
Notably, the latest valuation is an increase from $12.6 billion after a $300 million secondary share purchase by General Catalyst and Mubadala, which is Abu Dhabi’s sovereign wealth fund (finalized earlier this year).