As entertaining as it’s been for the tech industry to watch rival payroll decacorns Deel and Rippling sue each other over a corporate spying scandal, top-tier VCs are apparently not terribly scared off. Deel on Thursday announced that it has raised a $300 million Series E round co-led by A-list fintech VC firm Ribbit Capital and Andreessen Horowitz, with participation from existing investors like Coatue Management and General Catalyst.
Deel says it’s been profitable for three years and surpassed $1 billion in ARR, including having a month — September — that hit $100 million in revenue. Deel’s business model focuses on serving global companies, handling the complexities of currency and employment regulation for far-flung international teams. It says it’s now grown to 35,000+ customers with more than 1.5 million workers in over 150 countries.
Those are the types of numbers that attract investment, pending lawsuits or no. (Rippling’s California-filed lawsuit against Deel does not yet have a trial date, and is in the discovery phase, according to court records.) Indeed, Ribbit’s founder, Micky Malka, and a16z founder Ben Horowitz, gave Deel their full-throated supported in the announcement. In prepared statements, Malka said the Ribbit has been “fans” of the HR company for a long time, because it’s a “a brand companies trust,” and Horowitz said that a16z has been “blown away” by Deel’s work to build “the best HR platform” for global companies.
Audi lavora a una A6 a passo lungo, ma solo per il mercato cinese