Deel announced this week its raised $425 million in Series D funding, taking the total amount raised by the company to over $630 million, and pushing another remote work-focused tech firm further into unicorn status.

According to Reuters, the company, now valued at $5.5 billion, has more than tripled its valuation since April, with Deel worth around $1.25 billion after previous funding rounds.

Founded in 2019, Deel offers payroll and compliance tools aimed at easing the process of remote hiring for businesses, giving customers the ability to hire independent contractors and full-time employees in over 150 countries, according to the San Francisco-based company. Thecompany has more than 4,500 customers, including cryptocurrency exchange Coinbase Global Inc and e-commerce giant Shopify Inc. That's compared with a customer base of 1,800 back in April, according to Reuters.

The latest funding round was led by U.S.-based Coatue, with partners Rahul Kishore and Lucas Swisher leading the process. Several new and existing investors also participated in the recent round, including Altimeter Capital, Andreessen Horowitz, the YC Continuity Fund, Spark Capital, Greenbay Ventures and Neo.

"We are proud to partner with them and to support their goal of challenging and overhauling the way companies hire and talent works across the world," said Kishore, in a company statement. 

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Deel works as a global compliance and payroll platform meant to help businesses “hire anyone, anywhere,” according to the company, and offers customers access to more than 250 legal, accounting, mobility and tax experts. The goal is to enable a business to create, sign and send compliant localized contracts from a library of templates and pay teams in more than 120 currencies. CEO Alex Bouaziz said the company is at the forefront of a global flexible work revolution.

“The way people work is fundamentally changing. And it’s never going back,” he said. “We founded Deel because we didn’t want hiring or payments to prevent businesses from building the best global teams and finding the best global talent. We’re going to keep challenging the norms of how companies operate and continue building tools that shape the future of work.”

Deel will use the new funding to launch Deel Premium, a service to protect companies against misclassification risks, expand its global payroll products, release an open API, and open 80 new Deel-owned entities.

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