Deel secures US$425 million in Series D funding, continues transforming the future of work

KUALA LUMPUR, Oct 20 -- Deel, the remote hiring company shattering job barriers worldwide, announced it has raised US$425 million in Series D funding, taking the total amount raised by the company to over US$630 million. (US$1 = RM4.154)

According to a statement, the latest funding round values the company at US$5.5 billion. Deel has become the highest valued company in the global hiring, payments, and compliance space with this investment.

This new funding round was led by US-based Coatue, with partners Rahul Kishore and Lucas Swisher leading the deal. Several new and existing investors also participated in this round, including Altimeter Capital, Andreessen Horowitz, the YC Continuity Fund, Spark Capital, Greenbay Ventures, Neo, and over 40 of the world’s leading operators.

Since Deel’s inception in 2019, the team - growing from four to 400 employees - has been on a mission to make remote work more accessible for teams and businesses everywhere in the world and build the best employee onboarding experience on the market.

Today, Companies are reimagining what new flexible work arrangements look like to acquire and retain top talent. Deel eliminates remote hiring obstacles and creates an opportunity for all with a platform, tools, and flexibility built for teams to thrive whenever and wherever they want to work.

Deel serves more than 4,500 customers worldwide from names like Coinbase, Intercom and Shopify in over 150 countries.

With Deel, businesses can hire employees and contractors compliantly without needing a local entity in less than five minutes. Companies can also pay teams in more than 120 currencies with just a click.

-- BERNAMA