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Finnovating member Deel, Now Valued At $12 Billion

finnovating member deel
  • HR startup and Finnovating member Deel, Now Valued At $12 Billion, Nears $300 Million Of Revenue.
  • Deel claims to have grown its ARR to $295 million and has announced a partnership with Klarna.
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The founder and CEO of HR startup Deel, Alex Bouaziz,  has confirmed the funding round that more than doubled its valuation to $12 billion.

The startup, founded in 2019, enables companies to hire staffers in 150 countries around the world without the need for an operating legal entity in those jurisdictions. Deel also automates payroll, benefits, compliance, and other HR functions through an API to help companies scale remote teams.

Laurene Powell Jobs’ Emerson Collective led the $50 million fundraise alongside existing investors like A16Z and Coatue. The company previously raised $425 million at a $5.5 billion valuation in a round led by Coatue in October 2021.

Deel’s annual recurring revenue increased five times over in 2022 from $57 million to $295 million, the company stated in a statement released on Monday. The company has excelled since the onset of the pandemic, which kickstarted mass remote and hybrid working globally.

🚀 Deel is part of the Finnovating community. Visit their profile and contact them through the chatroom.

Deel claims to have been EBITDA positive since September 2022 and now has 15,000 customers including Nike. The startup has also signed a partnership with Swedish fintech giant Klarna for its global talent onboarding and payroll management functions.

Deel’s products include global HR systems which are free for companies with less than 200 employees, a payroll offering in the US, and a set of Microsoft and Slack plug-ins.

💬 Use Finnovating's chatroom to contact startups, companies and investors from a 125 countries!

Source: Business Insider

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