San Francisco-based remote hiring company Deel is now valued at $5.5 billion, following a fresh Series D funding round of $425 million.
Coatue, which has invested in technology companies including DoorDash, Instacart and Spotify, led the round. Firms including Altimeter Capital, Andreessen Horowitz, the YC Continuity Fund, Spark Capital, Greenbay Ventures, and Neo also participated in the deal.
Deel helps companies such as Coinbase manage compliance and payroll for remote employees. Deel revealed a tool in Nov. 2020 that allows international workers to be paid in cryptocurrencies, which requires a Coinbase account.
In an Oct. 18 press release, Deel called itself the “highest valued company in the global hiring, payments, and compliance space with this investment."
The hiring company has raised an impressive amount of capital in just a few years. Founded in 2019, Deel has now raised more than $630 million. It reached unicorn status after closing a $156 million Series C round in April, and now counts more than 4,500 customers.