Deel, a payroll and compliance tool company, announced last week that they raised $425 million in Series D funding. The company has raised a total amount of $630 million, turning into unicorn status. Deel is currently valued at $5.5 billion, and since April, it has tripled its valuation.
With remote work becoming increasingly popular these past months, different startups focused on remote work solutions started receiving more and more investments. Deel was founded in 2019 and has had exponential growth during this past year.
The company currently has over 4,500 customers, including renowned brands such as Coinbase Global Inc and e-commerce giant Shopify Inc. The funding round was led by U.S.-based Cotaue, with partners Rahul Kishore and Lucas Swisher leading the process.
According to ReWorked, Kishore said during a statement:
We are proud to partner with them and to support their goal of challenging and overhauling the way companies hire and talent works across the world.
Deel continues to gain popularity as it offers a solution to help businesses with legal, accounting, mobility, and tax-related issues.