Company:Deel

From HandWiki
Short description: A private San Francisco-based payroll and compliance provider
Deel
TypePrivate
Founded2018; 6 years ago (2018)
Founder
  • Alex Bouaziz (CEO)
  • Shuo Wang (CRO)
  • Dan Westgarth (COO)
HeadquartersSan Francisco
ProductsProfessional employer organization services and payroll services
Number of employees
2200 [1] (2023)
Websitedeel.com

Deel is a payroll and compliance provider based in San Francisco , California.[2][3] The company provides hiring and payments services for companies hiring international employees and contractors.[2]

History

Deel was founded in 2018 by Alex Bouaziz, Shuo Wang, and Ofer Simon.[2][4] Bouaziz and Wang met while studying at MIT in 2013.[5] The founders launched Deel after encountering difficulty hiring international workers for their previous ventures.[5]

Deel entered the Y Combinator startup accelerator in 2019.[6] The company then raised several rounds of funding. In May 2020, venture capital firm Andreessen Horowitz led a $14 million Series A round.[7] In September 2020, the company raised a $48 million Series B.[8] In April 2021, Deel raised $156 million in a Series C round, becoming a unicorn.[9] In October 2021, Deel raised $425 million in a Series D.[10] They also raised $50 million in May 2022.[11]

Deel also acquired several companies providing HR platforms between 2021 and 2023, such as Zeitgold, Roots, PayGroup, and Capbase.[12][13][14][15][16]

As of January 2023, it reported having 2000 employees.[11]

In March 2023, former workers claimed they were miscategorized.[17][18] 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.[19]

Products

The company offers a platform for companies to hire remote workers.[2][12] Deel hires employees through their own local entity on a company's behalf, acting as the employer of record[20] and managing compliance with employment laws in each country.[5] As of August 2021, it owned 45 entities.[12] As of 2023, Deel operates in more than 150 countries. The company processes international payrolls, allowing withdrawals in different currencies.[21]

Deel also assists with creating contracts that comply with local labor laws using templates.[8][21] It also helps workers access health insurance[2][8] and provides immigration advice about visa processes to companies with digital nomads.[22]

See also

Note: This topic belongs to "San Francisco Bay Area" portal

References

  1. ↑ "Deel Careers | Deel". https://www.deel.com/careers. 
  2. ↑ 2.0 2.1 2.2 2.3 2.4 Son, Hugh (2020-05-21). "Remote work start-up Deel scores $14 million investment led by Andreessen Horowitz" (in en). https://www.cnbc.com/2020/05/21/remote-work-andreessen-horowitz-leads-14-million-round-in-deel-payroll-start-up.html. 
  3. ↑ "Deel Raises $156M at $1.2B Valuation to Expand Its Global HR Software Solution | Built In San Francisco" (in en). https://www.builtinsf.com/2021/04/22/deel-raises-156m-remote-hiring-unicorn. 
  4. ↑ Team, TechRound (2021-11-24). "3. Deel" (in en-GB). https://techround.co.uk/techround-100/3-deel/. 
  5. ↑ 5.0 5.1 5.2 Stoller, Kristin. "Future Of Work—The New HR Frontier: These Tech Startups Are Helping Businesses Adapt To A Remote World" (in en). https://www.forbes.com/sites/kristinstoller/2021/03/09/future-of-work-the-new-hr-frontier-these-tech-startups-are-helping-businesses-adapt-to-a-remote-world/. 
  6. ↑ "Deel: Payroll for remote teams." (in en). https://www.ycombinator.com/companies/deel. 
  7. ↑ "Meet the startups helping other startups go remote" (in en). 2020-06-04. https://www.protocol.com/startups-remote-work-coronavirus-pandemic. 
  8. ↑ 8.0 8.1 8.2 "Deel nabs $30M more for payroll, compliance and other tools to run global workforces" (in en-US). 9 September 2020. https://techcrunch.com/2020/09/09/deel-nabs-30m-more-for-payroll-compliance-and-other-tools-to-run-global-workforces/. 
  9. ↑ Azevedo, Mary Ann (2021-04-21). "Remote hiring startup Deel raises $156M at a $1.25B valuation after 20x growth in 2020" (in en-US). https://techcrunch.com/2021/04/21/remote-hiring-startup-deel-raises-156m-at-a-1-25b-valuation-after-20x-growth-in-2020/. 
  10. ↑ Azevedo, Mary Ann (2021-10-18). "With customers like Coinbase and Shopify, remote hiring startup Deel raises $425M at a $5.5B valuation" (in en-US). https://techcrunch.com/2021/10/18/with-customers-like-coinbase-and-shopify-remote-hiring-startup-deel-raises-425m-at-a-5-5b-valuation/. 
  11. ↑ 11.0 11.1 Cai, Kenrick. "HR Company Deel, Now Valued At $12 Billion, Nears $300 Million Of Revenue" (in en). https://www.forbes.com/sites/kenrickcai/2023/01/23/deel-emerson-collective-funding-12-billion-valuation-300-million-revenue/. 
  12. ↑ 12.0 12.1 12.2 Kokalitcheva, Kia (2021-08-03). "Don't call it "outsourcing": Hiring employees globally is getting easier". Axios. https://www.axios.com/remote-work-deel-seitzgold-9d16e8dc-a250-40ef-a405-1b22d9a03f2d.html. 
  13. ↑ "Done: Deel welcomes new acquisition ZeitGold" (in en). 2021-08-04. https://www.geektime.com/israeli-fintech-startup-deel-acquires-zeitgold/. 
  14. ↑ Burroughs, Callum. "Coatue-backed HR startup Deel just made its first acquisition since the New York hedge fund invested in the company at a $5.5 billion valuation" (in en-US). https://www.businessinsider.com/deel-hr-startup-makes-first-acquisition-since-coatue-backing-2022-1. 
  15. ↑ "HR Company Deel Completes PayGroup Acquisition" (in en). 2022-11-21. https://www.businesswire.com/news/home/20221121005278/en/HR-Company-Deel-Completes-PayGroup-Acquisition. 
  16. ↑ Azevedo, Mary Ann (2023-01-11). "Deel enters equity management space with acquisition of Capbase" (in en-US). https://techcrunch.com/2023/01/11/deel-enters-equity-management-space-with-acquisition-of-capbase/. 
  17. ↑ Price, Jenna Gyimesi, Rob. "Workers at $12 billion HR startup Deel say they may have been misclassified as independent contractors. Deel says they have not." (in en-US). https://www.businessinsider.com/deel-careers-workers-independent-contractors-startup-says-not-misclassified-2023-3. 
  18. ↑ Azevedo, Mary Ann (2023-07-06). "Deel under fire for alleged questionable hiring practices, advice to other companies" (in en-US). https://techcrunch.com/2023/07/06/deel-under-fire-for-alleged-questionable-hiring-practices-advice-to-other-companies/. 
  19. ↑ C. Padilla, Stephen (June 23, 2023). "Deel Letter from Senator Stephen C. Padilla to California Labor and Workforce Development Agency". Senate of California. https://sd18.senate.ca.gov/sites/sd18.senate.ca.gov/files/pdf/DEEL%20LETTER.pdf. 
  20. ↑ "HR Tech Startups Could Help Businesses Expand Their Remote Teams And Services" (in en-US). 2021-02-03. https://www.cbinsights.com/research/remote-hiring-startups-gaining-traction/. 
  21. ↑ 21.0 21.1 Orbach, Meir (2020-09-10). "Israeli-American automated payroll platform Deel raises $30 million". https://www.calcalistech.com/ctech/articles/0,7340,L-3849117,00.html. 
  22. ↑ Smith, Morgan (2023-07-14). "Canada just launched a new digital nomad program—here's what you need to know" (in en). https://www.cnbc.com/2023/07/14/canada-just-launched-a-new-digital-nomad-programwhat-you-need-to-know.html. 




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