Deel

Investment Highlights

Company Overview

Deel’s technology simplifies managing an international workforce, covering aspects from culture and onboarding to local payroll and compliance. The company has attracted notable customers, including Shopify, Nike, and Cloudflare.

In March 2024, Deel announced its acquisition of Zavvy, an AI-based ‘people development’ startup specializing in personalized career progression tools, training, and performance management.

The announcement also included an Annual Recurring Revenue (ARR) milestone of US$500M and a headcount of over 3,700 people.

Deel operates as a platform that simplifies the process of hiring and managing international employees and contractors. Here’s how it works:

Hiring Process:

• Companies sign up on the Deel platform and create an account.
• When they need to hire remote workers, they use Deel to create employment contracts.
• Deel ensures that these contracts comply with local labor laws and regulations in the worker’s country.
• The company can then onboard the employee or contractor through Deel.

Compliance and Payroll:

• Deel acts as the “employer of record” for the international worker.
• It handles compliance with employment laws, tax withholding, and other legal requirements.
• Deel processes payroll for the worker, including calculating taxes and making payments.
• Workers can receive their pay in different currencies, which is especially useful for remote teams.

Contract Management:

• Deel provides templates for employment contracts, making it easier for companies to create legally sound agreements.
• These contracts cover aspects like compensation, work hours, benefits, and termination conditions.
• The platform also assists with contract signing and storage.

Additional Services:

• Health Insurance: Deel helps workers access health insurance plans.
• Immigration Support: For digital nomads or workers relocating to a new country, Deel provides guidance on visa processes.
• HR Platform: Deel’s acquisitions (such as Zeitgold, Roots, PayGroup, and Capbase) enhance its HR capabilities.
• Payments and Currency Conversion:
• Deel handles payments to workers in various currencies.
• It converts funds to the worker’s preferred currency, reducing the hassle of currency exchange.

Dashboard and Reporting:

• Companies can track payments, contracts, and compliance through the Deel dashboard.
• Reporting features help businesses stay organized and manage their global workforce effectively.

Customer Support:

• Deel offers customer support to assist companies and workers with any issues or questions.

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