Deel unloads $300M in secondary sale, brings General Catalyst on as an investor
Fintech-turned-HR outfit Deel is trying to lay the groundwork for an IPO. On Tuesday, it said its annual revenue run rate climbed to $800 million in 2024 after growing by 70%.
The startup, which helps businesses globally hire, manage and pay employees remotely, also said it has sold $300 million in secondary shares to General Catalyst and an unnamed “sovereign investor” – giving early investors a payout. CNBC reported that the unnamed investor is Mubadala Investment Company, the sovereign wealth fund of Abu Dhabi.
The publication also reported that Deel is preparing to go public “as early as next year.” Last February, the company told TechCrunch that an IPO would likely happen “in the 2025/2026 timeframe.”
In May 2022, Deel was valued at $12 billion. After its secondary sale, its valuation was $12.6 billion, according to CNBC.
The company recently filed a motion asking a Florida court to dismiss a lawsuit that charged that Deel enabled money laundering.
