B2B Payments

Deel Lands $30M In Series B For Distributed Workforce Payroll

Remote Workforce-Focused Payroll Firm Deel Notches $30M In Series B

Deel has notched a $30 million Series B investment headed up by Spark Capital, whose General Partner Yasmin Razavi is joining the company’s board, according to a Wednesday (Sept. 9) company announcement.

Deel said its aim is to take down the barriers of workforces gathered in specific physical areas, enabling companies to hire any person in any location, according to the post.

“We’re challenging the notion that companies need to hire within their vicinity,” Deel Co-founder and CEO Alex Bouaziz said in the post. “Our goal is to enable companies to hire the best talent wherever they are, without having to worry about legal and financial complexities, creating a truly global workforce.”

The company said its collaboration with Spark Capital began when Razavi contacted Bouaziz through direct message on Twitter. That outreach started a litany of meetings over video conference and calls.

“I was interested in Deel from the get-go as best-suited to be the winner in a category on the cusp of huge growth,” Razavi said in the post.

Deel says its technology addresses the biggest logistical hurdles that are associated with onboarding globally remote full-time staff and contractors, which are compliance and payroll. It says that onboarding and compensating international workers is complicated, as labor laws and currency requirements differ between nations.

However, Deel is “bridging localized compliance and payments and then automating it, taking a complex and manual process and making it seamless,” according to the announcement.

Deel raised $14 million in a Series A round, per news in May. Andreessen Horowitz headed up the round, and its general partner Anish Acharya was to take a seat on the firm's board. Deel has focused on linking remote workers with payment offerings since its inception in 2018.

Remote work has become ubiquitous amid COVID-19, as firms have been forced to contend with shutdowns.

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