28. Deel

Founders: Alex Bouaziz (CEO), Shuo Wang
Launched: 2019
Headquarters: San Francisco
Funding: $679 million
Valuation: $12 billion
Key technologies: Artificial intelligence, cloud computing, generative AI, machine learning
Industry: Enterprise technology
Previous appearances on Disruptor 50 List: 0

San Francisco-based startup Deel is in sync with this era of remote working and the digital nomad. Through product expansion, a series of acquisitions and new funding led by Laurene Powell Jobs, Deel is strengthening its position in managing human resources for distributed and global workplaces.

Its all-in-one software platform, which streamlines employee hiring and payments on an outsourced basis, challenges traditional leaders such as ADP and is a rival to startups including Oyster and Rippling. In an increasingly competitive market, Deel is forging ahead as a specialized service for complex HR tasks such as tax, compliance and payments across national borders, geared primarily for small and medium-sized businesses. 

Keeping pace with fast-changing trends in HR, last year Deel introduced six software products that amplify its offerings for employers to track and comply with regulatory changes, benchmark employee health benefits and payroll, and increase collaboration among teams. Its new services include an AI assistant to gain data insights into efficiently managing such processes.  

Acquisitions are key to its growth strategy. This March, Deel announced two acquisitions: Africa-based PaySpace, a payroll and HR software service, and Zavvy, an AI startup in Munich that specializes in personalized career development and training. Altogether, Deel has acquired eight companies across enterprise software, HR tech and SaaS, and in all, has invested $300 million in the purchase of other companies.   

Outside of these acquisitions, Deel is ramping up quickly with its centralized, automated system, hitting $500 million in annual recurring revenue. With a team of 3,000 legal and HR specialists across 100 countries, Deel serves more than 25,000 customers, among them Shopify, Nike and Cloudflare. 

Profitable since 2022, Deel started out at accelerator Y Combinator in San Francisco. Deel went on to raise $679 million in funding, most recently $50 million in 2022 at a valuation of $12 billion in deal led by Laurene Powell Jobs' organization Emerson Collective, along with prior investors Andreessen Horowitz and Spark Capital.

The decacorn's co-founders, MIT graduates Alex Bouaziz and Shuo Wang, came up with the idea for Deel after spotting problems that highly qualified applicants were having in getting hired due to visa issues and local labor laws. They started Deel to help eliminate these hiring blocks and are riding on the trend of greater remote and freelance work.