Deel discloses $50 million in funding following acquiring Deel.com
Domaining.com’s founder sold the domain to firm earlier this year.
Remote working is ubiquitous today. Accelerated by the global Covid-19 pandemic, remote working is typical for both startups and established firms in 2022.
Along with the positives and negatives of remote working, firms have to think regarding the logistics of operating what could be an internationally-based team.
How do you hire and pay employees in multiple countries while complying with various employment laws?
A number of firms have emerged with solutions to these problems, counting Deel.
Deel launched in 2018, operating on LetsDeel.com. It wasn’t an ideal domain by any extent, but with limited funding initially, working on the product and building a team were likely far more critical than securing a domain.
The firm raised its first significant funding in May 2020 when it raised $14 million in a Series A round led by VC powerhouse Andreessen Horowitz.
Deel followed this with a $30 million Series B round in September 2020 and raised a mammoth $581 million in two funding rounds during 2021.
Deel reached unicorn status following its first 2021 funding round, when the firm was valued at $1.25 billion.
Recently, Deel revealed another $50 million in venture funding, bringing its total funding amount to $679 million. More importantly, Deel’s valuation has increased tenfold within a year, moving the firm into decacorn status with a $12 billion valuation.
The recent valuation jump for Deel is partly thanks to its rapidly growing client base. With more and more firms employing a remote team across a number of countries, its services are increasingly popular.
As stated by data from Deel’s website, Deel’s client base has grown from around 4,000 clients in October 2021 to more than 8,000 in May 2022.
With its rapidly expanding client base, decacorn status, and more than $600 million in funding, Deel finally secured its exact-match .com, Deel.com, ahead of announcing its latest $50 million funding round.
Deel.com was sold to Deel by Domaining.com founder Francois Carrillo. Carrillo confirmed the sale in a March 2022 tweet to domain researcher Jamie Zoch.
As stated by Whois data, Deel also purchased Deel.co at the same time as acquiring Deel.com.
With Deel.com under its belt, Deel can secure its digital identity, although its competitor, Remote, has a far better domain name for its industry.
