Deel's funding, valuation and reported finances

analysisA business news outlet reported in September 2020 that Deel had completed a $30 million Series B led by Spark Capital with Andreessen Horowitz, four months after a $14 million Series A, bringing its total to $48 million; it named Y Combinator, several angel investors and Israel's Sarona Partners Group, Deel's first investor, among its backers. A financial-technology news outlet reported that Deel was valued at $12 billion in May 2022 and had raised $680 million in total by December 2024. A business news outlet described General Catalyst in April 2025 as a recent investor. ^{1 2 3}

analysisThe business news outlet reported in October 2025 that Deel had announced a $300 million fundraise from Ribbit Capital, Coatue and Andreessen Horowitz at a valuation of $17.3 billion, up from $12.6 billion in a secondary share sale in March 2025; Bouaziz said Ribbit and Coatue, which is also a Rippling investor, had approached Deel about the round. ⁴

analysisDeel files no periodic reports with the SEC; its filings are Form D notices of exempt offerings, which do not name investors or their holdings. The notice of June 2020 reports an equity offering of $18,605,048, of which $18,605,005 had been sold to 39 investors, the first sale on 19 May 2020. The notice signed on 15 February 2023 reports $27,662,744 sold to nine investors out of a $50,000,017 offering, the first sale on 29 April 2022. The notice of 26 December 2024 reports $1,529,237 fully sold to 43 investors, one of them not accredited, the first sale on 13 November 2024. ^{1 2 3}

analysisThe business news outlet reported in December 2023 that Deel's revenue rose from $1.4 million in 2020 to $169 million in 2022 and was expected to reach about $350 million in 2023; Bouaziz told the business news outlet that Deel had $550 million in the bank, was profitable by about $5 million a month, was aiming for a 2025 initial public offering and planned to spend up to $200 million on acquisitions. In October 2025 the business news outlet reported his projection of a 2025 profit of $170 million to $200 million, and a source close to the company put its cash at about $800 million. These are press estimates and statements by the chief executive, not audited results. ^{1 2}

analysisAnnouncing Kauffman's appointment in November 2025, Deel said it served more than 37,000 businesses in over 150 countries, had been profitable for more than three years, had recently passed $1 billion in annual recurring revenue, had raised over $1 billion and was valued at more than $17.3 billion. A technology news outlet reported that month that Deel had recorded its first $100 million revenue month and was processing $22 billion of payroll a year. In July 2026 a news outlet reported more than 40,000 customers, 7,500 employees, a revenue run rate above $1.5 billion, profitability since the third quarter of 2023, more than $1 billion in cash and a likely US listing. None of these figures comes from audited accounts. ^{3 4 5}

analysisAccording to the business news outlet, Deel bought the Australian payroll company PayGroup, which had about 400 staff, for roughly $80 million in 2022. A financial-technology news outlet reported that the purchase of Atlantic Money in December 2024 was Deel's ninth acquisition and its fourth that year, after the remote-work platform Hofy, the payroll and HR platform PaySpace and the employee-enablement platform Zavvy. Rippling's complaint notes Deel's announcement on 11 March 2025 of the acquisition of Safeguard Global's payroll division. ^{1 2 3}