Deel hits $17.3B valuation after raising $300M from big-name VCs

Deel, a global employment platform, has raised $300 million in a new funding round, valuing the company at $17.3 billion. The round was led by Coatue and other prominent venture capitalists, including Altimeter, Andreessen Horowitz, and YC Continuity. Deel claims to have been profitable for the past three years and has surpassed $1 billion in annual recurring revenue (ARR), with a single month reaching $100 million in revenue. The company's platform helps businesses hire and manage remote employees worldwide, providing services such as payroll, benefits, and compliance. The new funding will be used to expand Deel's global footprint, invest in product development, and support its growing customer base, which includes companies of various sizes across different industries. The valuation reflects Deel's rapid growth and the increasing demand for flexible and remote work solutions in the post-pandemic era.