Funding round
Deel Series D
Deel, which works in global HR platform solutions in San Francisco, raised $425M in a Series D round announced on 18 Oct 2021, led by Coatue, at a $5.50B post-money valuation. 7 firms took part, 3 of them already investors. It is Deel's fifth venture round on record; the one before was a Series C in Apr 2021.
$425M
Amount raised
$5.50B
Post-money valuation
$5.08B pre-money
7
Investors
1 lead
4.4x
Step-up from the Series C
$1.25B in Apr 2021
7.7%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Deel at $5.50B after the new money, 4.4 times the $1.25B of its Series C (Apr 2021). The $425M bought investors about 7.7% of the company. It came 6 months after Deel's Series C. It is 43% of the $979M Deel has raised in the venture rounds on record. Deel raised again 7 months later: a Growth round of $50M in May 2022, at $12.00B 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 21 Apr 2021, led by Y Combinator $156M$1.25B post-money
- Series D this round 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
Coatue led the round with 6 other firms. Andreessen Horowitz, Y Combinator and Spark Capital had backed Deel before.
Lead investor
- Coatue backs 229 venture-backed companies new investor
Also in the round
- Altimeter backs 67 venture-backed companies new investor
- Andreessen Horowitz backs 722 venture-backed companies existing investor
- Y Combinator backs 1,295 venture-backed companies existing investor
- Spark Capital backs 234 venture-backed companies existing investor
- backs 10 venture-backed companies new investor
- backs 54 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to geographic expansion, scaling operations and working capital.
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
8 Series D rounds in Software Development Services within a year either side disclosed an amount; the median was $72M, and this round was 5.9 times the median. The closest in time, other companies' Series D rounds in Software Development Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Software Development Services | 20 Dec 2021 | $87M | $1.10B | WestBridge Capital |
| Software Development Services | 2 Dec 2021 | $35M | not disclosed | Arrowroot Capital |
| Fireblocks Software Development Services | 27 Jul 2021 | $310M | $2.00B | Sequoia Capital and Stripes |
| Software Development Services | 16 Jun 2021 | $60M | $1.00B | Insight Partners and Georgian |
| VAST Data Software Development Services | 4 May 2021 | $83M | $3.70B | Tiger Global |
| Software Development Services | 21 Apr 2021 | $50M | $2.00B | Glynn Capital |
| Software Development Services | 1 Dec 2020 | $155M | $3.50B | Tiger Global |
| Software Development Services | 31 Dec 2020 | $24M | not disclosed | not named |
Sources
Where this comes from
Reported by 7 sources.
Questions
Frequently asked
How much did Deel raise in its Series D round?
Deel raised $425M in its Series D round, announced in Oct 2021.
Who led Deel's Series D round?
Coatue led it, with Altimeter, Andreessen Horowitz, Y Combinator, Spark Capital and Green Bay Ventures and 1 more.
What was Deel's valuation at the Series D round?
$5.50B post-money ($5.08B pre-money).
How does it compare with other Series D rounds in Software Development Services?
8 Series D rounds in Software Development Services within a year either side disclosed an amount; the median was $72M, and this round was 5.9 times the median.
Did Deel raise again after this round?
Yes: a Growth round in May 2022 of $50M at $12.00B post-money.