Deel, an Israeli startup and unicorn which deals with payroll solutions for firms with international staffs, may now be worth as much as $5.5 billion, reports Globes. This would mean that Deel multiplied its value by 400% since it first hit unicorn status with a $1.25 billion valuation after bringing in $156 million in a Series C round of financing in April.
Being a unicorn these days is getting to be less and less of a special thing, at least in Israel. Maybe they will need to raise the definition of a unicorn from $1 billion plus to over $10 billion. Either that or they will have to start calling them rabbits instead of unicorns.
Startup Nation may soon be known as Unicorn nation. Papaya Global, Crypto, Orca Security, these are just a few of the many Israeli companies to hit Unicorn status so far this year.
Founded in 2018, Deel offers a global payroll solution which it says helps businesses hire anyone, anywhere. Using a tech enabled self-serve process, the company boasts that its users can now hire independent contractors or full time employees in over 150 countries, compliantly and in minutes.
Today, Deel serves 1200+ customers from SMBs to publicly traded companies.
If you think about it, with the globalization of the world economy many businesses today have decentralized teams. This means that they hire employees who are citizens and residents of different countries round the world. The constant upgrade in tele-communications tech makes this more and more possible.
But it comes with a problem: every country has different payroll laws and tax systems which a business must honor when paying its international employees. How to keep track of all the different countries’ laws and keep up with any changes? This is where Deel steps in.
If you didn’t already know, you can hire employees in Canada using Deel as your EOR! That’s pretty cool, eh?
*Peeks head out of igloo*
— Deel 🗺 (@deel) October 4, 2021
“We’ve squashed the conventional notion that there’s a particular radius in which you can attract talent,” said Deel co-founder and CEO, Alex Bouaziz. “By bridging localized compliance and payments and then automating it, we are making a complex and manual process seamless and redefining U.S. companies’ hiring pool to literally include qualified candidates from anywhere.”
When deal first hit unicorn status, the company said in a blog post, “It’s such a special moment for us because we did it entirely remotely with a wild bunch of talented people from 30 different countries. That’s right, the global payroll solution built to help businesses hire anyone anywhere (and uses the product themselves) did it all while looking good on Zoom.”