Deel Hits $400 million in Annual Recurring Revenue, as Rippling Rivalry Grows

Deel, a human resources startup last valued at $12 billion, has hit $400 million in annual recurring revenue, a senior sales director at the startup said last month, up from a pace of $295 million in January. Deel’s growth shows how some enterprise software startups have been able to thrive during a pullback in business software spending.

The startup helps businesses hire contract and remote workers, and counts Shopify and Dropbox among its clients. Demand for such services accelerated during the pandemic shutdowns and made their providers sought-after targets for venture investors.