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Havish Gupta
Figuring Out • 5d
How Deel Became a $800 Million Hiring Platform! So, Deel was founded by Alex Bouaziz and Shuo Wang (two friends from MIT) in 2018. The founders faced difficulty hiring remote workers at their previous venture, which led them to start Deel in 2018 to address this issue. Unlike other hiring platforms, Deel not only helps companies find the best employees from over 150+ countries but also manages hiring, payments, and contracts. In some countries, Deel itself acts as the legal employer, handling all the legal work. This allows companies to hire from anywhere in the world without legal complications. Secondly, they simplify payments by offering companies multiple payment options, ranging from bank transfers to crypto. Most importantly, they make offering stock options and contracts simple, making them the top choice for startups. That’s why Deel was an instant hit! They raised their seed funding from Y Combinator in 2019, followed by a $14 million Series A round from Andreessen Horowitz. Then, the COVID lockdown hit, which made things even better for Deel! Their revenue grew by 20x, and over 10,000 employees were hired through their platform. In April 2021, they raised $156 million, making them a unicorn within just two years of launching. By 2023, they had become an all-in-one hiring platform, managing everything from finding potential employees to processing visas. Today, Deel is valued at over $12 billion, generates $800 million in revenue, and helped 35,000+ companies hire over 650,000 employees.
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