Deel Announces $50 Million Funding Following Acquisition of Deel.com – Domain Name Wire
The Domaining.com founder sold the domain to the company earlier this year.
Remote work is ubiquitous today. Accelerated by the global Covid-19 pandemic, remote working is typical of startups and companies established in 2022.
Along with the pros and cons of working remotely, companies need to think about the logistics of operating what could be an international team.
How do you hire and compensate employees in multiple countries while complying with various labor laws?
Several companies have emerged with solutions to these problems, including Deel.
Deel was launched in 2018, operating on LetsDeel.com. It was by no means an ideal domain, but with limited funding to begin with, working on the product and building a team was probably much more critical than securing a domain.
The company raised its first major funding in May 2020 when it raised $14 million in a Series A funding round led by venture capital powerhouse Andreessen Horowitz.
Deel followed that up with a $30m Series B round in September 2020 and raised a whopping $581m in two rounds of funding in 2021.
Deel reached unicorn status after its first funding round in 2021, when the company was valued at $1.25 billion.
Recently, Deel revealed another $50 million in venture funding, bringing his total funding to $679 million. More importantly, Deel’s valuation has increased tenfold in one year, pushing the company to decacorn status with a valuation of $12 billion.
Deel’s recent valuation rise is partly due to its rapidly growing customer base. With more and more companies employing a remote team in multiple countries, its services are growing in popularity.
According to data from Deel’s website, Deel’s customer base has grown from around 4,000 customers in October 2021 to over 8,000 in May 2022.
With its rapidly expanding customer base, decacorn status and over $600 million in funding, Deel finally secured its exact match .com, Deel.com, before announcing its latest funding round of $50 million. .
Deel.com was sold to Deel by Domaining.com founder Francois Carrillo. Carrillo confirmed the sale in a March 2022 tweet to domain researcher Jamie Zoch.
According to Whois data, Deel also acquired Deel.co at the same time as Deel.com.
With Deel.com under its belt, Deel can secure its digital identity, although its competitor, Remote, has a much better domain name for its industry.