"As entertaining as it's been for the tech industry to watch rival payroll decacorns Deel and Rippling sue each other over a corporate spying scandal, top-tier VCs are apparently not terribly scared off. Deel on Thursday announced that it has raised a $300 million Series E round co-led by A-list fintech VC firm Ribbit Capital and Andreessen Horowitz, with participation from existing investors like Coatue Management and General Catalyst."
"Deel says it's been profitable for three years and surpassed $1 billion in ARR, including having a month - September - that hit $100 million in revenue. Deel's business model focuses on serving global companies, handling the complexities of currency and employment regulation for far-flung international teams. It says it's now grown to 35,000+ customers with more than 1.5 million workers in over 150 countries."
Deel raised a $300 million Series E co-led by Ribbit Capital and Andreessen Horowitz, with participation from Coatue Management and General Catalyst. Deel has been profitable for three years and surpassed $1 billion in ARR, including a September month with $100 million in revenue. The company focuses on serving global companies by handling currency and employment regulation complexities for international teams. Deel reports more than 35,000 customers and over 1.5 million workers across 150+ countries. A California-filed lawsuit from Rippling against Deel is in discovery and has no trial date. Rippling also raised $450 million in August at a $16.8 billion valuation.
Read at TechCrunch
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