Deel raises $300m at $17.3b valuation

Israeli-US human resources and payroll platform developer Deel has announced the completion of a $300 million financing round at a valuation of $17.3 billion. The round was led by new investor Ribbit Capital along with previous investors Andreessen Horowitz and Coatue Management with additional support from General Catalyst, Green Bay Ventures and others. Earlier this year Deel was valued at $12.6 billion.

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The round has been completed despite allegations of corporate espionage by its rival Rippling. Deel completely denies the allegations.

Deel was founded in 2019 by Israeli entrepreneur Alex Bouaziz, and Shuo Wang and is headquartered in San Francisco and has 3,000 employees worldwide. The company has consolidated its position as a major player in the field of global human resources management. Deel operates a platform for managing employees, freelancers and payments in over 150 countries, and services include global payroll, contractor management, regulatory compliance, benefits management and performance tools.

In the first quarter of 2025, the company reported an annual revenue rate (ARR) of over $1 billion, an increase up 75% from the corresponding quarter of 2024, and that it has been profitable since the third quarter of 2023. Today, Deel says it serves more than 35,000 business customers and manages more than 1.25 million employees worldwide through its platform.

Scandals

In the past, the company has been involved in several scandals, the latest of which is the legal confrontation with Rippling, a competitor in the field of human resources management, which was one of the most high-profile cases in the industry in 2025. The two companies filed mutual lawsuits alleging theft of trade secrets and industrial espionage.

Deel claims that Rippling’s competitive intelligence manager logged into its system dozens of times under a false identity, downloaded internal documents that included information about contracts, pricing and benefits, and even interacted with its support team. Rippling, for its part, denies the allegations, accusing Deel of illegally attempting to obtain sensitive information about its activities. The two companies are conducting civil proceedings in US courts, and Deel has even filed a counterclaim seeking to dismiss the proceedings.

Published by Globes, Israel business news – en.globes.co.il – on October 16, 2025.

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