While it was interesting for the tech industry to watch payroll giants Deal and Rippling sue each other over corporate espionage scandals, top venture capital firms apparently aren’t too scared. Deel announced Thursday that it has raised $300 million in a Series E round co-led by A-list fintech venture capital firms Ribbit Capital and Andreessen Horowitz, with participation from existing investors including Coatue Management and General Catalyst.
Diehl said the company has been profitable for three years, with ARR exceeding $1 billion, including a month in September when revenue reached $100 million. Deel’s business model is focused on serving global enterprises and navigating complex currency and employment regulations for far-flung international teams. The company has now grown to more than 35,000 customers and more than 1.5 million employees in more than 150 countries.
These are the types of numbers that attract investment whether or not a lawsuit is pending. (Court records show that Rippling’s lawsuit against Deal in California has not yet set a trial date and is in the discovery phase.) In fact, Ribbit founder Mickey Malka and a16z co-founder Ben Horowitz gave their full support to Deal in this announcement. In a prepared statement, Malka said Ribbit is a long-time “fan” of the HR firm because it is “a brand that businesses trust,” while Horowitz said a16z was “blown away” by Deal’s efforts to build “the best HR platform” for global companies.
Unsurprisingly, the lawsuit didn’t slow down Rippling’s fundraising efforts either. In May, Rippling raised $450 million in a Series G round at a valuation of $16.8 billion.
Source link
