Deel, a global HR service company with 35,000 global companies as customers, including Instacart, TIME, Doordash, OpenAI, Nike, Shopify, and Hermes , announced that it achieved sales of $800 million (approximately 1.1763 trillion won), a 70% increase over the same period last year.
Deal has recorded operating income (EBITDA) surplus for two consecutive years since last year. Last year, it achieved annual recurring revenue (ARR, revenue generated from subscription or contracted customers) of $500 million (approximately KRW 730 billion). Deal's revenue growth was mainly due to diversification of business to provide full-stack support for HR such as onboarding, compliance, performance management, global payroll, and immigration support.
Along with the sales announcement, Deal also disclosed the results of attracting $300 million (approximately 441.3 billion won) in investment. This investment was participated by existing investor General Catalyst and a new investor, an undisclosed sovereign wealth fund. General Catalyst is a global top-tier VC investment firm with over $30 billion (approximately 44 trillion won) in assets under management, and highly evaluated Deal’s business vision and participated in a follow-up investment after five years.
“We are excited to invest in Deal, an innovative platform that supports the global workforce and supports economic growth,” said Jeannette zu Fürstenberg, a Managing Director at General Catalyst, which led the investment. “We look forward to seeing Deal grow as it solves complex global HR challenges and creates lasting value.”
“2024 has been a remarkable year for us in terms of business and infrastructure growth, as well as product innovation,” said Alex Bouaziz, Deal’s co-founder and CEO. “In 2025, Deal is poised for even greater growth and will drive innovation in the HR market by working with new investors.”
Founded in January 2019 with the vision of helping people hire from anywhere in the world, Deal now has over 35,000 corporate clients in over 150 countries, pays $11.2 billion in salaries in 109 countries in over 100 currencies, and supports employment visa issuance and immigration in 33 countries. It recently became the world’s largest 100% remote work company, with all 4,500 employees working remotely in 104 countries and speaking 74 languages.
- See more related articles
You must be logged in to post a comment.