Annual recurring revenueMore than USD 1 billionCompany disclosure · Oct 20, 2025
Series E financingUSD 300 millionPrivate financing · Oct 20, 2025
Series E valuationUSD 17.3 billionPrivate company valuation · Oct 20, 2025
- IPO filing
- Roadshow
- Pricing
- First trade
- Quiet period
- Lockup
Private valuation history
Dated private-company valuations · USD
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$17.3B▲ +214.5% since first observationLatest observation · 2025 Series E
- Private valuation
2021 Series D2021 Series D2025 Series E2025 Series E
First valuation$5.5B2021 Series D
Latest valuation$17.3B2025 Series E
Observations22021 Series D – 2025 Series E
Valuation change+214.5%since first observation
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Capital raised per round
Capital announced per private funding round · USD
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$300MLatest round · 2025 Series E
- Round capital
2021 Series D2021 Series D2025 Series E2025 Series E
First round$425M2021 Series D
Latest round$300M2025 Series E
Recorded rounds22021 Series D – 2025 Series E
Largest round$425M2021 Series D
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IPO recap
Offering not completed
IPO date, ticker, and IPO offer price are not yet confirmed.
Filed—
Pricing—
First trade—
Lockup ends—
The short version
Deel helps companies hire, pay and manage international teams. Its leadership has described an IPO goal, but no confirmed offering timetable was identified. Private funding and ARR remain separate from IPO terms.
Key takeaway 1
IPO goal documented; no confirmed offering date.
Key takeaway 2
ARR and payroll processed do not replace audited annual revenue.
Company in detail
Deel combines global payroll and HR software with services for employing and paying workers across borders. Employer-of-record and contractor services address different legal relationships. A potential investor needs to understand which revenue comes from software, service delivery or other payroll-related activity, rather than treating all payments handled as company income.
Alex Bouaziz and Shuo Wang founded the business in 2019. The product has broadened from international hiring into workforce management. Joe Kauffman’s role as president and CFO adds a finance leader to that expansion; an appointment alone does not establish an IPO date.
The private Series D and E provide dated capital and valuation references. The Series E announcement also described an ARR milestone. ARR reflects recurring business on the company’s stated basis; it should not be substituted for audited revenue in a completed year. Payroll processed is another separate activity measure.
A November 2025 Reuters report documented management’s intention to pursue an IPO without an exact timeline. No confirmed public offering timetable was identified as of 7 October 2026. A prospectus would need to clarify revenue recognition, geographic obligations, customer retention and the cost of operating its service network.
Operating metrics
Annual recurring revenue
More than USD 1 billionCompany said it had crossed this level earlier in 2025; threshold report, not audited annual revenue.
Oct 20, 2025Company profile
- Legal name
- Deel
- Founded
- 2019
- Headquarters
- San Francisco, United States
- CEO and co-founder
- Alex Bouaziz
- CRO and co-founder
- Shuo Wang
- President and CFO
- Joe Kauffman
- Products
- Global payroll, employer-of-record, contractor management and HR
- Employees
- No published figure
Timeline
- Series D
USD 425 million financing at USD 5.5 billion.
- Series E
USD 300 million financing at USD 17.3 billion.
Sources
Annual recurring revenue
More than USD 1 billionCompany said it had crossed this level earlier in 2025; threshold report, not audited annual revenue.
Series E financing
USD 300 millionPrivate round announced on the company blog in October 2025.
Series E valuation
USD 17.3 billionPrivate financing valuation; not an IPO valuation.
Employees
—No published figure
Net income
—No published figure
Operating cash flow
—No published figure
Financials
No reported financial periods with figures available
Revenue
No published financial dataReported financial periods will appear here when available.
No reported period with figures
Financial results are not available in the sources listed here.
Valuation & peers
Price-to-sales, revenue growth and gross margin
Comparable metrics unavailableComparable company figures for the same date are not available.
Revenue growth (%)
| Company | P/S | Growth | GM |
|---|---|---|---|
| Deel | — | — | — |
| No published peer comparison | |||
Context: Private financing valuations and modeled market values do not establish an IPO valuation. Revenue run-rate is not used here to calculate a price-to-sales ratio.
Private valuation and funding details
Series E valuation
USD 17.3 billionPrivate financing valuation; not an IPO valuation.
Source · Oct 20, 2025Series E financing
USD 300 millionPrivate round announced on the company blog in October 2025.
Source · Oct 20, 2025IpoHub score
How we score—Not rated
Balance sheet—
Growth—
Community—
Profitability—
Valuation—
Individual category scores are not available.
Where the money goes
—
Use of proceeds—
Allocation percentages—
Net proceeds—
Details on the use of IPO proceeds are not available.
Key risks
Editorial analysisEmployment compliance
Local employment, payroll and tax obligations require consistent execution.
Service economics
Software and service revenues can have different margins and costs.
Competition
HR and payroll providers compete for international customer relationships.
Deal terms
- Ticker
- Not confirmed
- Exchange
- Not confirmed
- IPO price
- Not confirmed
- Price range
- Not confirmed
- Pricing date
- Not confirmed
- First trading day
- Not confirmed
- Shares offered
- Not confirmed
- Deal size
- Not confirmed
- Underwriters
- Not confirmed
- Greenshoe shares
- Not confirmed
- Lockup
- Not confirmed
- Quiet period expirations
- Not confirmed
Frequently asked questions
Has Deel set an IPO date?
No confirmed date was identified as of 7 October 2026.
What is the USD 17.3 billion figure?
It is a private financing valuation announced with Series E in 2025.
Is payroll volume company revenue?
No. Money paid to workers is different from fees earned by the provider.
Similar IPOs
All IPOs →Not investment advice. Private market prices are dated model estimates. Community votes are not a recommendation.