Deel, a San Francisco, CA-based payroll and compliance platform for international teams, raised $30m in Series B funding.
The round, which brought total funding to over $48m, was led by Spark Capital, with participation from YC Growth Fund and angel investors Nat Friedman, Ryan Petersen, John Zimmer, William Hockey and Alexis Ohanian.
The company intends to use the funds to expand operations and its business reach.
Co-founded in 2018 by MIT alumni Alex Bouaziz and Shuo Wang, Deel provides a payroll and compliance platform that solves the logistical challenges coming with moving to a distributed, global workforce. The system provides contracts and templates – legally vetted and compliant – to be used for tax forms and localized contracts, automated payment, invoicing and receipts and customer support. Both independent contractors and full-time employees are supported by Deel’s technology. The system is used by over 500 companies and thousands of employees on their teams in more than 140 countries. Deel can complete payroll in more than 100 currencies