Deel, a San Francisco Based Startup, Has Raised $425 Million at a $5.5 Billion Valuation

October 18, 2021 | 2 minutes read

Having customers like Shopify and Coinbase, the remote hiring startup, Deel is continuously growing at the speed of light. 

Deel is a newly established startup that has seen mushroom growth at every level. The startup has raised $425 million at a valuation of $5.5 billion. This, a San Fransico-based, startup aims at helping companies across the globe in their hiring process. It provides special services, that include payroll and compliance tools, for remote hiring and onboarding processes.

The demand for remote work increased during the pandemic. Therefore, it also increased the demand for Deel. The platform provided reliable and efficient services to the companies looking for resources at the local and international levels.

“The way people work is fundamentally changing, and it’s never going back,” Bouaziz said.

In the last 6 months, the customer base of the Deel has increased from 1800 to 4500. The most prominent customers of the startup include Shopify, Coinbase, and dropbox and it has expanded into 45 countries. The growth at the customer level has also positively affected the employee base; increasing it from 115 to 400.

The most interesting thing about Deel is that it claims that businesses can hire a resource remotely in just 5 minutes. Not only this but the fintech services also allow the companies to pay their teams in up to 120 currencies in just a single click. The web and mobile application of Deel have provided an AI and ML-powered automated solution of remote hiring.

“We don’t have an office there” is no longer a valid excuse, the company claims, for not hiring people remotely.

Because of the unprecedented success of the startup, Deel has a total valuation of $1.25 billion associated with it. The newly secured capital will be used to further ameliorate and advance employee and contractor relationships as stated by the founder, Alex Bouaziz.

Automation is becoming a new and essential requirement nowadays in every sector. As the world is moving forward, the demand for efficiency and increased productivity is increasing. This is why the incorporation of automation is becoming necessary for supply chain management.  One can look at the applications of automation in the agriculture, healthcare, and e-commerce sector to understand the scope of automation.