Global HR and payroll platform Deel said on Oct. 20 that it raised a 417 billion won Series E round, pushing its valuation past 24 trillion won. The round brought in new investor Ribbit Capital, with existing investors Andreessen Horowitz, Coatue Management, General Catalyst and Green Bay Ventures also participating.
As of March, Deel recorded $1 billion in annual recurring revenue (ARR) this year (about 1.4 trillion won), showing solid growth. In September, it posted a profit for the third straight year and, for the first time, surpassed $100 million (about 140 billion won) in monthly revenue. Usage of Deel's products in the United States also jumped about 1,500% from a year earlier, continuing a sharp rise across key growth metrics.
At the same time, it has secured global blue-chip clients such as Lego, Puma, Virgin Media, FedEx, Palantir, Novo Nordisk and Pepsi, establishing itself as a core platform for global business operations.
Deel plans to use the funding to accelerate strategic mergers and acquisitions (M&A) that expand its product capabilities and global network. It will also step up investment in AI development and operating infrastructure to support local payroll systems in more than 100 countries by 2029 and drive automation across its product lineup.
Micky Malka, founder of Ribbit Capital, a new investor in the round, said, "Deel is a brand trusted by corporations worldwide and a company with a unique capability to build the global talent hiring infrastructure," adding, "This investment reflects our conviction in Deel's rise as core infrastructure for the global HR market."
Deel co-founder and CEO Alex Buoaziz said, "With this investment, we plan to further advance the global payroll infrastructure we have built since our early days," adding, "We will leap forward as an all-in-one platform that enables corporations to hire and manage talent anywhere in the world."
Founded in January 2019, Deel now supports more than 37,000 corporations and 1.5 million workers across more than 150 countries and processes about 30 trillion won in payroll annually.