Breakout Startups PRO #4- Deel
The A-Z platform for paying Remote Contractors
Hi,
Welcome to the 4th Edition of Breakout Startups PRO. Today, we are covering Deel, the startup simplifying compliance and payments at scale for companies working with Remote Contractors.
About
Deel makes it easier for companies to onboard and pay their contractors while staying fully compliant with laws across 150 countries.
Working with contractors can be hard, expensive and time-consuming. As a company, you need a contract, different payment methods in place, clarity on tax filing, etc. along with local law compliance & classification risks.
Product
Deel enables everything ranging from Invoicing to Tax Filing directly through its platform.
The tool handles:-
Contract Generation during Onboarding
Payments
Invoicing
Tax Filing across 150 countries in over 40 currencies.
Anyone can use Deel by $10 monthly per active contract or 1% of the total transaction volume. There are also custom plans available for enterprises.
Team
Alex Bouaziz- Co-Founder & CEO, Deel. Previously: Sarona Ventures, Founded LifeSlice, Studied at MIT
Shuo Yang- Co-Founder, Deel. Previously: Founded Aeris Cleantec. Studied at MIT.
Funding
Deel hasn’t disclosed the amount of money they have raised so far.
The team was also a part of Y Combinator 2019 Batch.
On the website, the team counts Elad Gil, Weekend Fund by Ryan Hoover, Soma Capital, Daniel Gross as its investors.
Market Landscape
Remote Work has taken off in the past decade like nothing else. Especially in 2019, we are seeing fully remote startups such as GitLab, Invision(both fully remote startups) go on and become Unicorns.
Along with this, we also saw the launch of the first Remote Startup focused Venture Fund called Remote First Capital by Andreas Klinger, CTO of AngelList.
Given this boom in Remote work, we will see an explosion of companies moving to a partially or fully remote model in the coming days. A product such as Deel stands to gain the most from this boom.
In fact, one of Silicon Valley’s biggest startups, Stripe recently announced that it is opening a Remote Engineering Hub.
Stripe's fifth engineering hub is Remote
David Singleton, CTO on May 2, 2019 Stripe has engineering hubs in San Francisco, Seattle, Dublin, and Singapore. We…stripe.com
Currently, there is no single player in the space which is solving the problem for contractors. Square payroll does it only for US Bank Accounts and Gusto handles only salaried employees.
All these data points scream a big opportunity for a product like Deel to exist. After coming out of the YC Batch, the company has made some rapid moves and already serves more than 250 Teams.
Remote Work is still in the “Infrastructure Phase” with tools being built who’ll take over every aspect of “Work” crossing boundaries. Startups such as Tandem & Deel are just the beginning of what is about to come.
Jobs at Deel
Full Stack Engineer at Deel(Remote)
Account Executive at Deel(Remote)