Deel, a San Francisco-based remote recruiting company, has just announced it has raised $425 million in a Series D funding round.
The round has been led by Coatue, which has previously invested in DoorDash, Instacart and Spotify. However, Altimeter Capital, Andreessen Horowitz, YC Continuity Fund, Spark Capital, Greenbay Ventures and Neo also took part in the fundraising.
Notably, the company’s valuation has increased to $5.5 billion following this new capital injection.
Deel helps companies like Coinbase meet regulatory requirements by paying salaries to employees around the world. In November 2020, the company launched a solution aimed at crypto payments.
To date, Deel has raised $629 million in six rounds of funding, according to Crunchbase. The number of employees of the company founded in 2019 exceeds 4,500 people.