Remote employee management solution Deel climbs to $12B valuation. Deel competitors in the crowded remote workforce management space are Globalization Partners, Multiplier, Omnipresent, Oyster, Panther, Papaya Global, Remote, Velocity Global, and Skuad.

Deel, a provider of remote employee management solutions, has raised $50M in an extended Series D. The round drew participation from Andreessen Horowitz, Emerson Collective, Spark Capital, and Y Combinator.

HOW’S THE COMPANY PERFORMING?

• California-based Deel helps companies hire employees from across 150 countries and automate onboarding, payroll, and compliance processes.
• The company has reportedly surpassed $100M in ARR.
• It is currently growing at a rate of 20% month-over-month.
• The company has over 8K customers, including Shopify, LG, Dropbox, Notion, and Coinbase.

Source: Deel

WHY DOES THE MARKET MATTER?

• The global HR software market is expected to reach a value of $33.6B by 2028, growing at a CAGR of 10.1%, according to Verified Market Research.
• The increased adoption of cloud-based workforce management solutions across verticals by businesses of all sizes amid the pandemic has resulted in market growth.

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