San Francisco-based payments company Deel announced Wednesday that it raised $156 million in fresh financing. The Series C was co-led by YC Continuity Fund, Andreessen Horowitz and Spark Capital.
Deel grew its revenue by 20x last year. The latest round cements the company’s status as a unicorn with a valuation of $1.25 billion.
Founded in 2018, Deel’s payroll and compliance platform deploys a tech-enabled solution that allows for businesses to hire contractors and full-time employees in over 150 countries.
The platform features a library of contract templates for enterprises to choose from in order to expedite the hiring process. Deel also automates the process of collecting country-specific tax documents from contractors and employees to make sure everything is set up correctly.
Once employees are onboarded, Deel covers payroll duties. The platform provides enterprises with over 120 different currencies to choose from when it comes time to pay their international employees.
“We built Deel to be the solution for companies wanting to hire anywhere around the world, from Argentina to Zambia,” co-founder and CEO Alex Bouaziz said in a statement. “We set out to solve a problem that the majority of businesses found inherently daunting.”
Following the latest raise, the company plans to continue expanding its national footprint by opening 80 new Deel-owned entities across the world in 2021. Additional investments will be made in product research and development.
The company also plans to increase the size of its all-remote team as it continues to scale. Deel has grown from just seven employees to over 120 since January of last year.
Deel has raised $203 million in venture capital financing to date, according to Crunchbase. Other prominent investors in the newest round include Uber CEO Dara Khosrowshahi and ex-Walt Disney Studios chairman Jeffrey Katzenberg.
