Deel, a San Francisco, CA-based remote hiring company, raised $425m in Series D funding.
The round, which brought the total amount raised to over $630m and values the company at $5.5 billion, was led by Coatue, with participation from Altimeter Capital, Andreessen Horowitz, the YC Continuity Fund, Spark Capital, Greenbay Ventures, Neo, and others.
The company intends to use the funds to expand operations and its business reach.
Founded in 2019 by Alex Bouaziz and Shuo Wang, Deel is a global compliance and payroll solution for businesses to hire anyone, anywhere. The technology offers payroll, HR, compliance, perks, benefits, and other capabilities needed to hire and manage a global team. Using a tech-enabled self-serve process, customers can hire independent contractors and full-time employees in over 150 countries, compliantly and in minutes. With more than 250 legal, accounting, mobility, and tax experts as partners, Deel enables any business to create, sign and send compliant localized contracts from a library of templates and pay teams in more than 120 currencies in a digital way.
Deel, a fully distributed company with employees based worldwide, serves more than 4,500 customers worldwide from names like Coinbase, Intercom and Shopify in over 150 countries.