Menlo Park, Calif.-based Andreessen Horowitz announced on Thursday that it was leading a $14 million Series A funding round for fintech payroll platform Deel.
Deel was launched in 2019 via Y Combinator’s Demo Day, and now serves 400 client companies across more than 110 countries.
Andreessen Horowitz, in a Thursday blog post, explained the reasoning behind its investment.
“In many ways, the Covid-19 epidemic has accelerated the arrival in the future,” the company wrote. “In this case, the gradual shift from concentrated to distributed work has suddenly become urgent and immediate. Unfortunately, the tools available to employers haven’t kept up. Paying a global distributed remote workforce is complex, expensive and generally onerous.”
Deel is positioning itself to offer financial services for globally distributed workforces across its platform, making it possible for multinational employers to serve all their workers with retirement and other financial benefits with greater efficiency.
In their own announcement about the funding round, Deel founders Alex Bouaziz and Shuo Wang also revealed that they had added former Revolut executive Dan Westgarth as chief operating officer.
“With this new investment and Dan on the team, we’re even better positioned to continue investing in our product,, its distribution, and grow our own team,” they wrote on Thursday.
They also announced that Andreessen Horowitz General Partner Anish Acharya will join the Deel board of directors.