Y Combinator Alum Deel Secures $300M in Secondary Sale from General Catalyst and Mubadala Investment Company

Deel, a leading payroll and HR solutions company headquartered in San Francisco, Tel Aviv, New York, London, and Berlin, has successfully secured $300 million in secondary sales from high-profile investors, including General Catalyst and Mubadala Investment Company of Abu Dhabi. With this latest round of investment, Deel’s total funding now stands at an impressive $680 million, positioning the company as a key player in the evolving global HR market.

As of December 2024, Deel is on track to achieve a run rate of $800 million in annual recurring revenue, reflecting an exceptional 70% year-over-year growth. The company has also maintained profitability for over two years, a testament to its successful business model and market demand for its solutions.

Deel’s Vision: Simplifying Global Hiring and Breaking Down Borders

Founded in 2018 by Alex Bouaziz and Shuo Wang, both MIT graduates, Deel was born out of a shared vision to eliminate the barriers to global hiring. After noticing how many talented individuals were excluded from well-paying jobs due to visa restrictions and complex local labor laws, Bouaziz and Wang set out to create a solution that would allow businesses to hire talent from anywhere in the world.

With this vision in mind, Deel has scaled rapidly. By December 2024, the platform is on track to generate $800 million in annual recurring revenue, a remarkable milestone for a company that started just five years ago. Deel now supports over 35,000 businesses globally, has processed over $11.2 billion in payments, and allows companies to hire employees in over 150 countries. This rapid growth underscores the increasing demand for flexible and efficient solutions for managing a global workforce.

Deel’s Platform: A Comprehensive Solution for Global Workforce Management

Deel has distinguished itself from other global payroll and HR platforms such as Rippling, Remote, Papaya Global, ADP, and Oyster through its integrated approach to managing global workforces. Deel’s platform offers a comprehensive system that combines payroll, compliance, benefits, performance tracking, and more, allowing businesses to manage their workforce across borders with ease.

The platform supports a range of payment methods—from traditional direct deposits to cryptocurrencies—making it highly flexible for both employers and employees. Deel has made it easier for companies to manage payroll in 150 countries, tackling everything from international tax compliance to benefits administration.

In addition to its payroll capabilities, Deel also facilitates the international hiring process. The platform provides businesses with ready-to-use, compliant employment contracts and automates data collection. For companies hiring workers from other countries, Deel offers visa and immigration support, ensuring that international employees can be onboarded seamlessly. A self-service portal is also available for employees to access their payslips, tax documents, and personal information, streamlining HR tasks and improving transparency.

Moreover, Deel’s customisable dashboards allow businesses to track real-time payroll data, providing insights into global workforce costs, headcount trends, and other important metrics. Deel also integrates smoothly with common HR software, accounting tools, and productivity platforms, making it a powerful addition to any HR tech stack. Recently, Deel launched a mobile app and introduced Deel AI, a smart assistant designed to provide HR-related information tailored to specific regions.

The Future of HR Tech: AI, Remote Work, and Data-Driven Insights

As we move into 2025, Deel’s success is indicative of larger trends shaping the future of HR technology. We can expect to see further integration of advanced AI capabilities, greater emphasis on data-driven decision-making, and the development of more comprehensive employee experience platforms. These trends will continue to reshape the way businesses approach HR and workforce management.

Deel is uniquely positioned to take advantage of these trends, particularly in a world where remote work is on the rise, and businesses increasingly look for tech-enabled, flexible solutions to manage distributed teams. The expanding gig economy and the shift toward more flexible work arrangements only amplify the need for a platform like Deel that can seamlessly manage global payroll, compliance, and hiring.

Deel’s forward-thinking approach to HR management has helped it emerge as a leader in the HR tech space, and its growth trajectory shows no signs of slowing down. As the demand for remote work solutions continues to rise, Deel is poised to lead the way in transforming the future of global workforce management.

Deel’s Impact: A Global Workforce Revolution

With its cutting-edge platform and innovative approach to HR, Deel is reshaping how businesses think about hiring, managing, and paying their global teams. The company’s rapid growth, backed by strong investments and a clear vision, positions it as a key player in the future of work. As more companies embrace remote and hybrid work, Deel’s ability to simplify complex HR processes will make it an invaluable resource for organizations around the world.