Despite the corporate spying lawsuit between payroll giants Deel and Rippling being quite the spectacle for the tech world, prominent VCs don’t seem overly concerned. Deel revealed on Thursday a $300 million Series E funding round, co-led by top fintech VC Ribbit Capital and Andreessen Horowitz, along with participation from previous investors like Coatue Management and General Catalyst.
Deel reports profitability for the past three years and exceeding $1 billion in ARR, with September alone reaching $100 million in revenue. Deel’s approach centers on aiding global businesses by managing currency complexities and employment regulations for international teams. They now boast over 35,000 customers and support more than 1.5 million employees across over 150 countries.
Such figures are attractive to investors, irrespective of ongoing legal battles. (Rippling’s lawsuit against Deel in California is still in the discovery stage, with no trial date set, as per court documents.) Ribbit’s founder, Micky Malka, and a16z founder Ben Horowitz, voiced strong support for Deel in the press release. Malka stated Ribbit has long admired the HR firm, noting it’s “a brand companies trust,” while Horowitz said a16z is impressed with Deel’s development of “the best HR platform” for global organizations.
Notably, Rippling’s fundraising hasn’t suffered either, with a $450 million Series G round secured in August at a $16.8 billion valuation.
