Deel, the global HR and payroll platform, has secured a $300-million strategic investment from new investor Ribbit Capital along with long-time Deel partners Andreessen Horowitz and Coatue Management.
Additional support comes from General Catalyst, Green Bay Ventures and more. This places Deel’s new valuation at $17.3 billion.
Earlier this year, the company surpassed $1 billion in annual recurring revenue. Deel now serves more than 37,000 businesses and 1.5 million workers across more than 150 countries, processing $22 billion in payroll annually.
Alex Bouaziz, co-founder and CEO of Deel, said this funding round is about doubling down on the global payroll infrastructure they’ve built from the ground up.
“We’re reimagining how payroll should work for the next century – fluid, real-time, and truly borderless – and continuing our mission to become the single platform where companies can build, manage, and pay their teams anywhere in the world,” said Bouaziz.
Deel will use the capital to accelerate strategic acquisitions that expand its product capabilities and global reach.
The company will also invest heavily in the continued strategic buildout of its owned systems and operations, paving the way to deliver native payroll in more than 100 countries by 2029. It will also invest in AI innovation to enhance automation across its HR and payroll suite and attract top-tier AI talent.
Deel counts among its enterprise customers LEGO, Puma, Virgin Media, Klarna, Capgemini, FedEx, Nubank, Palantir, Novo Nordisk, Fidelity, Pepsi.
Micky Malka, founder at Ribbit Capital, said Deel is positioned to build products for global expansion.
“Since our first investment into Deel in 2020, we’ve been blown away by the Deel team’s pursuit of building the best HR platform to offer access to employment opportunities and financial services for the global workforce,” said Ben Horowitz, cofounder of Andreessen Horowitz.
