The startup assisting organizations to hire remote workers and manage administrative tasks, Deel Inc., has quadrupled its valuation in six months after receiving funding of US $425 million. The San Francisco-based firm is now worth US $ 5.5 billion.
The round was led by Coatue. YC Contunity Fund, the investment firm that led the April funding round, took the opportunity to increase its stake. Moreover, Neo, Andressen Horowitz, Spark Capital and Altimeter also made their initial investment.
To streamline the day day-to-day operations for the teams utilizing its platform, Deel provides connectors that sync records to a company’s accounting and HR applications.
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