Funding round
Deel Series C
Deel, which works in global HR platform solutions in San Francisco, raised $156M in a Series C round announced on 21 Apr 2021, led by Y Combinator, at a $1.25B post-money valuation. 10 firms took part, 2 of them already investors. It is Deel's fourth venture round on record; the one before was a Series B in Sep 2020.
$156M
Amount raised
$1.25B
Post-money valuation
$1.09B pre-money
10
Investors
1 lead
21x
Step-up from the Series A
$60M in May 2020
12%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Deel at $1.25B after the new money, 20.8 times the $60M of its Series A (May 2020). The $156M bought investors about 12% of the company. It came 7 months after Deel's Series B. It is 16% of the $979M Deel has raised in the venture rounds on record. Deel raised again 6 months later: a Series D round of $425M in Oct 2021, at $5.50B 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 9 Sep 2020, led by Spark Capital $30M
- Series C this round 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
Y Combinator led the round with 9 other firms. Andreessen Horowitz and Spark Capital had backed Deel before.
Lead investor
- Y Combinator backs 1,295 venture-backed companies new investor
Also in the round
- Andreessen Horowitz backs 722 venture-backed companies existing investor
- Spark Capital backs 234 venture-backed companies existing investor
- Uber Technologies Inc. new investor
- backs 15 venture-backed companies new investor
- Dara Khosrowshahi
- Lachy Groom new investor
- Jeffrey Katzenberg new investor
- Jeff Wilke new investor
- backs 10 venture-backed companies new investor
Joined the board: Ali Rowghani (YC Continuity Fund).
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
23 Series C rounds in Software Development Services within a year either side disclosed an amount; the median was $80M, and this round was 1.9 times the median. The closest in time, other companies' Series C rounds in Software Development Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Software Development Services | 6 Apr 2021 | $100M | $1.05B | Steadfast Venture Capital and Steadfast Financial |
| Fireblocks Software Development Services | 18 Mar 2021 | $133M | not disclosed | Coatue and Ribbit |
| Software Development Services | 18 Mar 2021 | $50M | not disclosed | Insight Partners |
| Software Development Services | 17 Feb 2021 | $150M | $1.00B | SoftBank Vision Fund |
| Software Development Services | 17 Dec 2020 | $130M | $500M | Technology Crossover Ventures |
| Snorkel AI Software Development Services | 9 Aug 2021 | $85M | $1.00B | Addition and BlackRock |
| Software Development Services | 25 Aug 2021 | $20M | not disclosed | not named |
| Software Development Services | 23 Sep 2021 | $80M | $500M | Fin Capital |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did Deel raise in its Series C round?
Deel raised $156M in its Series C round, announced in Apr 2021.
Who led Deel's Series C round?
Y Combinator led it, with Andreessen Horowitz, Spark Capital, Uber Technologies Inc., Roosh Ventures and Dara Khosrowshahi and 4 more.
What was Deel's valuation at the Series C round?
$1.25B post-money ($1.09B pre-money).
How does it compare with other Series C rounds in Software Development Services?
23 Series C rounds in Software Development Services within a year either side disclosed an amount; the median was $80M, and this round was 1.9 times the median.
Did Deel raise again after this round?
Yes: a Series D round in Oct 2021 of $425M at $5.50B post-money.