Global HR platform Deel has raised $300 million in a Series E investment round led by Ribbit Capital and Andreessen Horowitz. Funds such as Coatue Management and General Catalyst also participated in the round. The investment values the company at $17.3 billion.
Currently serving more than 35,000 companies, Deel has been profitable for three years and has surpassed $1 billion in annual recurring revenue (ARR). The company generated $100 million in revenue in September alone.
Deel provides payroll and compliance solutions that make it easier for international companies to manage their employees in different countries. The platform currently serves more than 1.5 million employees from more than 150 countries and is one of the leaders in the cross-border payroll technology market.
At the same time, Deel is currently in a legal battle with its rival Rippling. Rippling has sued the company for “internal espionage,” but the process is still in its early stages. Rippling completed a $450 million investment round earlier this year, valuing it at $16.8 billion.
