Global HR Platform Deel Raises 417 Billion KRW in Series E Funding

Corporate Valuation Surpasses 24 Trillion KRW

Global HR and payroll platform Deel announced on October 20 that it has raised 417 billion KRW (approximately 417 billion won) in its Series E funding round, pushing its corporate valuation past 24 trillion KRW.

This round saw Ribbit Capital join as a new investor, while existing investors such as Andreessen Horowitz, Coatue Management, General Catalyst, and Greenbay Ventures also participated with additional investments.

Deel currently supports more than 37,000 companies and 1.5 million workers across over 150 countries, processing annual payrolls of approximately 30 trillion KRW. Recently, the company has secured a series of global enterprise clients including Lego, Puma, Virgin Media, FedEx, Palantir, Novo Nordisk, and Pepsi.

Deel plans to use the funds from this investment for strategic mergers and acquisitions aimed at expanding its product capabilities and global network. The company also intends to increase investments in artificial intelligence (AI) development and operational infrastructure, with the goal of supporting local payroll systems in more than 100 countries and advancing automation across its product lineup by 2029.

Alex Bouaziz, co-founder and CEO of Deel, stated, "With this investment, we plan to further enhance the global payroll infrastructure we have built since our founding. We aim to become an all-in-one platform that enables companies to hire and manage talent anywhere in the world."

This content was produced with the assistance of AI translation services.