Deel co-founders Shuo Wang and Alex Bouaziz. Photo Business Wire
Its official! Deel, an Israeli startup and unicorn which deals with payroll solutions for firms with international staffs, is now worth $5.5 billion. Deel hit this valuation after raising $425 million in a Series D round of funding. The company has confirmed what Jewish Business News previously reported on based on unofficial reports coming from sources at Deel.
Deel multiplied its value by 400% since it first hit unicorn status with a $1.25 billion valuation when it brought in $156 million in a Series C round of financing in April.
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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.
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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 by Israeli Alex Bouaziz. 28, a French Jew who immigrated to Israel, and Chinese entrepreneur Shuo Wang, 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.
Bouaziz and Wang met when they were both students at MIT.
Today, Deel serves more than 4,500 customers from SMBs to publicly traded companies.
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What a day today is! We’ve officially raised our Series D of $425 million at a $5.5 billion valuation led by Coatue. It’s been an amazing ???? ride, and we can’t wait to keep transforming the future of today’s world of work together.
Read more here ???? https://t.co/xiqEZyM8TQ pic.twitter.com/4RU47atIlV
— Deel ???? (@deel) October 18, 2021
Bouaziz said, “The way people work is fundamentally changing. And it’s never going back. We founded Deel because we didn’t want hiring or payments to prevent businesses from building the best global teams and finding the best global talent. We’re going to keep challenging the norms of how companies operate and continue building tools that shape the future of work.”
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.”
