--- title: "Deel's funding, valuation and reported finances" language: en canonical: https://dossiertwist.com/dossiers/deel/funding-and-finances/ as_of: 2026-10-13 keywords: ["Deel","Deel, Inc.","Lifeslice, Inc.","Alex Bouaziz","Philippe Bouaziz","Shuo Wang","Dan Westgarth","Rippling","People Center, Inc.","Keith O'Brien","Lets Deel Ltd","Atlantic Money","Deel Payments Europe","DPayments","Omnipresent","Sarona Ventures","Prodware","Andreessen Horowitz","employer of record","Rippling v. Deel"] --- # Deel's funding, valuation and reported finances **Question.** How has Deel been funded, what is it said to be worth, and what is known about its finances? **Answer.** Deel raised a $14 million Series A in May 2020 and a $30 million Series B that September, was valued at $12 billion in May 2022 and announced a $300 million round at $17.3 billion in October 2025; by its own account it has raised over $1 billion. It files only Form D offering notices with the SEC and publishes no audited accounts, so its finances are known from company statements and press reports: revenue grew from $1.4 million in 2020 to a reported run rate above $1.5 billion in 2026, and the company says it has been profitable for several years. It has grown partly by acquisition, including PayGroup, Hofy and Atlantic Money. ## Funding rounds and valuation - Analysis: A 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. [src-016] [src-056] [src-097] - Analysis: The 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. [src-005] ## SEC offering notices - Analysis: Deel 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. [src-003] [src-004] [src-002] ## Reported revenue and profit - Analysis: The 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. [src-098] [src-005] - Analysis: Announcing 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. [src-037] [src-023] [src-063] ## Acquisitions - Analysis: According 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. [src-098] [src-056] [src-065] ## Sources - [src-016] Media source · src-016 - [src-056] Media source · src-056 - [src-097] Media source · src-097 - [src-005] Media source · src-005 - [src-003] Deel, Inc. Form D notice of exempt offering (2020), U.S. Securities and Exchange Commission (EDGAR), 2020 - [src-004] Deel, Inc. Form D notice of exempt offering (2023), U.S. Securities and Exchange Commission (EDGAR), 2023 - [src-002] Deel, Inc. Form D notice of exempt offering (2024), U.S. Securities and Exchange Commission (EDGAR), 2024 - [src-098] Media source · src-098 - [src-037] Media source · src-037 - [src-023] Media source · src-023 - [src-063] Media source · src-063 - [src-065] Court record source · src-065