Funding round
Deel Series A
Deel, which works in global HR platform solutions in San Francisco, raised $14M in a Series A round announced on 21 May 2020, led by Andreessen Horowitz, at a $60M post-money valuation. 1 firm took part. It is Deel's second venture round on record; the one before was a Seed in Jan 2019.
$14M
Amount raised
$60M
Post-money valuation
$46M pre-money
1
Investors
1 lead
5.0x
Step-up from the Seed
$12M in Jan 2019
23%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Deel at $60M after the new money, 5.0 times the $12M of its Seed (Jan 2019). The $14M bought investors about 23% of the company. It came 16 months after Deel's Seed. It is 1.4% of the $979M Deel has raised in the venture rounds on record. Deel raised again 4 months later: a Series B round of $30M in Sep 2020. Its next priced round, a Series C in Apr 2021, valued it at $1.25B.
Deel's funding rounds
Deel has 7 venture rounds on record. This one is highlighted.
- Seed 1 Jan 2019 $3.9M$12M post-money
- Series A this round 21 May 2020, led by Andreessen Horowitz $14M$60M post-money
- Series B 9 Sep 2020, led by Spark Capital $30M
- Series C 21 Apr 2021, led by Y Combinator $156M$1.25B post-money
- Series D 18 Oct 2021, led by Coatue $425M$5.50B post-money
- Growth 11 May 2022, led by Emerson Collective $50M$12.00B post-money
- Series E 20 Oct 2025, led by Ribbit and Andreessen Horowitz $300M$17.30B post-money
Investors
Who put money in
Andreessen Horowitz led the round.
Lead investor
- Andreessen Horowitz backs 722 venture-backed companies new investor
Joined the board: Anish Acharya (Andreessen Horowitz).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
65 Series A rounds in Software Development Services within a year either side disclosed an amount; the median was $8.0M, and this round was 1.8 times the median. The closest in time, other companies' Series A rounds in Software Development Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Software Development Services | 19 May 2020 | $10M | not disclosed | SignalFire |
| Software Development Services | 5 May 2020 | $8.0M | not disclosed | Portage Ventures |
| Software Development Services | 1 May 2020 | $2.9M | not disclosed | not named |
| Software Development Services | 10 May 2020 | $2.5M | not disclosed | not named |
| Software Development Services | 27 May 2020 | undisclosed | not disclosed | Digital Garage Group and ABC Dream Ventures |
| Software Development Services | 4 May 2020 | undisclosed | not disclosed | Cathay Innovation |
| Software Development Services | 28 Jun 2020 | $14M | not disclosed | CMC Capital |
| Software Development Services | 24 Apr 2020 | $14M | not disclosed | AVP |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Deel raise in its Series A round?
Deel raised $14M in its Series A round, announced in May 2020.
Who led Deel's Series A round?
Andreessen Horowitz led it.
What was Deel's valuation at the Series A round?
$60M post-money ($46M pre-money).
How does it compare with other Series A rounds in Software Development Services?
65 Series A rounds in Software Development Services within a year either side disclosed an amount; the median was $8.0M, and this round was 1.8 times the median.
Did Deel raise again after this round?
Yes: a Series B round in Sep 2020 of $30M.