Funding round
Deel Series B
Deel, which works in global HR platform solutions in San Francisco, raised $30M in a Series B round announced on 9 Sep 2020, led by Spark Capital. 1 firm took part. It is Deel's third venture round on record; the one before was a Series A in May 2020.
$30M
Amount raised
Not disclosed
Post-money valuation
1
Investors
1 lead
Valuation
What this round says about the price
Deel did not disclose a valuation in this round; its last disclosed one was $60M at the Series A (May 2020). It came 4 months after Deel's Series A. It is 3.1% of the $979M Deel has raised in the venture rounds on record. Deel raised again 7 months later: a Series C round of $156M in Apr 2021, at $1.25B post-money.
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 21 May 2020, led by Andreessen Horowitz $14M$60M post-money
- Series B this round 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
Spark Capital led the round.
Lead investor
- Spark Capital backs 234 venture-backed companies new investor
Joined the board: Yasmin Razavi (Spark Capital).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
32 Series B rounds in Software Development Services within a year either side disclosed an amount; the median was $25M, and this round was 1.2 times the median. The closest in time, other companies' Series B rounds in Software Development Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Software Development Services | 8 Sep 2020 | $25M | not disclosed | Lightspeed Venture Partners |
| Software Development Services | 24 Sep 2020 | $18M | not disclosed | Noro-Moseley Partners |
| Software Development Services | 28 Sep 2020 | $7.9M | not disclosed | not named |
| Fireblocks Software Development Services | 18 Nov 2020 | $30M | not disclosed | Paradigm |
| Software Development Services | 21 Dec 2020 | $60M | not disclosed | 83North |
| Software Development Services | 10 Dec 2020 | $32M | not disclosed | WestBridge Capital |
| Software Development Services | 10 Dec 2020 | $25M | not disclosed | Sapphire Ventures |
| Software Development Services | 24 Jun 2020 | $19M | not disclosed | not named |
Sources
Where this comes from
Reported by 7 sources.
Questions
Frequently asked
How much did Deel raise in its Series B round?
Deel raised $30M in its Series B round, announced in Sep 2020.
Who led Deel's Series B round?
Spark Capital led it.
What was Deel's valuation at the Series B round?
It was not disclosed; its last disclosed one was $60M at the Series A (May 2020).
How does it compare with other Series B rounds in Software Development Services?
32 Series B rounds in Software Development Services within a year either side disclosed an amount; the median was $25M, and this round was 1.2 times the median.
Did Deel raise again after this round?
Yes: a Series C round in Apr 2021 of $156M at $1.25B post-money.