Deel announces $50 million in funding after acquiring Deel.com
Domaining.com’s founder sold the domain to company earlier this year.
Remote working is ubiquitous today. Accelerated by the global Covid-19 pandemic, remote working is typical for both startups and established companies in 2022.
Along with the positives and negatives of remote working, companies have to think about the logistics of operating what could be an internationally-based team.
How do you hire and pay employees in multiple countries while complying with various employment laws?
Several companies have emerged with solutions to these problems, including Deel.
Deel launched in 2018, operating on LetsDeel.com. It wasn’t an ideal domain by any extent, but with limited funding initially, working on the product and building a team were likely far more critical than securing a domain.
The company raised its first significant funding in May 2020 when it raised $14 million in a Series A round led by VC powerhouse Andreessen Horowitz.
Deel followed this with a $30 million Series B round in September 2020 and raised a mammoth $581 million in two funding rounds during 2021.
Deel reached unicorn status after its first 2021 funding round, when the company was valued at $1.25 billion.
Recently, Deel revealed another $50 million in venture funding, bringing its total funding amount to $679 million. More importantly, Deel’s valuation has increased tenfold within a year, moving the company into decacorn status with a $12 billion valuation.
The recent valuation jump for Deel is partly thanks to its rapidly growing customer base. With more and more companies employing a remote team across several countries, its services are increasingly popular.
According to data from Deel’s website, Deel’s customer base has grown from around 4,000 clients in October 2021 to more than 8,000 in May 2022.
With its rapidly expanding customer base, decacorn status, and more than $600 million in funding, Deel finally secured its exact-match .com, Deel.com, before announcing its latest $50 million funding round.
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 acquiring Deel.com.
With Deel.com under its belt, Deel can secure its digital identity, although its competitor, Remote, has a far better domain name for its industry.
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