Deel raises funds at $12 billion valuation

Remote hiring startup Deel has raised new venture capital funding at a $12 billion valuation, after being valued at $5.5 billion last fall, Axios has learned from multiple sources.

Why it matters: This price increase contrasts sharply with the plummeting tech valuations in public markets.

  • It also suggests that venture capitalists don’t anticipate big declines in hiring, or at least not for the kind of foreign talent Deel specializes in.

Details: The round size is $50 million. New investors include Laurene Powell Jobs’ Emerson Collective, while existing company backers include Andreessen Horowitz, Spark Capital and Y Combinator.

  • Alex Bouaziz, CEO of San Francisco-based Deel recently disclosed that the company’s annual recurring revenue rate is $100 million, and one source says the company’s pace has picked up since then. The source adds that Deel’s consumption rate in 2021 was in “single-digit millions” but is expected to rise in 2022.

Spokesmen for Deel and Emerson declined to comment.

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