• Source: Deel (company)

Deel is an American payroll and outsourcing company based in San Francisco, California. The company provides hiring, payments, and outsourcing services for companies hiring international employees and contractors.




History


Deel was founded in 2019 by Alex Bouaziz, Shuo Wang, and Ofer Simon. Bouaziz and Wang met while studying at MIT in 2013. The founders launched Deel after encountering difficulty hiring international workers for their previous ventures.
Deel launched after entering the Y Combinator startup accelerator in 2019. The company then raised several rounds of funding. In May 2020, venture capital firm Andreessen Horowitz led a $14 million Series A round. In September 2020, the company raised a $48 million Series B. In April 2021, Deel raised $156 million in a Series C round, becoming a unicorn. In October 2021, Deel raised $425 million in a Series D. They also raised $50 million in May 2022, valuing the company at $12 billion.
As Deel expanded, Forbes reported "a five-person “Navy SEAL” team" went from country to country to quickly incorporate new local business entities. It also began to make acquisitions. By 2023 it had acquired several companies providing HR platforms such as Zeitgold, Roots, PayGroup, and Capbase.
In January 2023, it reported having 2,000 employees.
In March 2023, former workers claimed they were miscategorized. 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.
In March 2024, Deel announced its acquisition of Zavvy, a 'people development' startup based in Munich, Germany, as well as PaySpace, an African-based payroll engine. The company reported it had reached a milestone of $500 million in annual recurring revenue and a headcount of 3,000.




Acquisitions


In July 2024, Deel acquired London-based Hofy, a company that helps manage office equipment for remote hires.




Products


The company offers a platform for companies to hire remote workers. Deel hires employees through their own local entity on a company's behalf, acting as the employer of record and managing compliance with employment laws in each country. As of August 2021, it owned 45 entities. As of 2023, Deel operates in more than 150 countries. The company processes international payrolls, allowing withdrawals in different currencies.
Deel also assists with creating contracts that comply with local labor laws using templates. It also helps workers access health insurance and provides immigration advice about visa processes to companies with digital nomads.




See also






References

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