Following countless return-to-office pushbacks, most HR teams have settled with the fact that remote work has become the new normal. With that in mind, many companies have taken their hiring efforts overseas, which can present them with new challenges when it comes to onboarding, payroll and legal compliance. San Francisco-based remote hiring company Deel has been helping global teams with all of those things since 2019.
On Monday, the company announced that it raised $425 million in a Series D round to move forward on its mission to make hiring a breeze for the modern distributed workforce.
The fresh financing round, led by Coatue, brings the unicorn’s total amount of capital raised to over $630 million at a whopping $5.5 billion valuation.
“The way people work is fundamentally changing and it’s never going back,” Alex Bouaziz, founder and CEO of Deel, said in a statement. “More teams are saying goodbye to open office concepts and hello to open office hiring.”
Deel’s technology suite aims to provide enterprises with everything they need to hire and manage a global team. The company’s platform covers numerous onboarding tasks in addition to the oversight of payroll and benefits. With Deel, enterprises can hire both independent contractors and full-time employees in over 150 countries around the world.
“Companies should be able to offer a working environment no matter location and teams should be able to get the same benefits and experience even if they live on opposite sides of the world,” Bouaziz said in a blog post.
With Deel’s extensive library of document templates, enterprise teams have the ability to create, sign and send localized contracts in a matter of minutes, according to the company.
Deel serves over 4,500 customers including tech giants like Coinbase, Dropbox and Shopify.
“We founded [the company] because we didn’t want hiring or payments to prevent businesses from building the best global teams and finding the best global talent,” Bouzaziz continued. “We’re going to keep challenging the norms of how companies operate and continue building tools that shape the future of work.”
Over the last two years, Deel has grown its team of four to nearly 400. Following the latest raise, the company plans to continue growing its headcount. Deel is now hiring for over 70 full-time remote-based tech positions spanning its sales, operations, finance and engineering teams, to name a few.
Additional investors Altimeter Capital, Andreessen Horowitz and the YC Continuity Fund participated in the round, among others.
