The ‘global HR platform’ says it’s EBITDA positive, confirms $12B valuation
Mary Ann Azevedo
9 hours
Fintech-turned-HR outfit Deel reached $295 million in annual recurring revenue (ARR) by the end of 2022, the company’s co-founder and CEO Alex Bouaziz shared today.
That’s up 417.5% from $57 million in ARR achieved at the end of 2021.
The massive jump in ARR is impressive by normal standards but particularly so considering the challenging macroenvironment that startups everywhere faced last year. Deel says it calculates ARR as monthly recurring SaaS revenues x 12. Bouaziz told TechCrunch that a bulk of its ARR is from the company’s EOR (Employer of Record) business.Â
Bouaziz also today confirmed the company’s valuation of $12 billion, which we reported on in May at the time of Deel’s $50 million raise. At the time, Deel did not confirm that valuation, apparently choosing to wait until it had full-year ARR numbers to share.
Bouaziz also told TechCrunch that Deel is profitable, having been EBITDA positive since September. Further, Deel claims that it makes in profits a margin of 85%. In other words, for every dollar in revenue generated, it retains 85 cents.
Bouaziz and Shuo Wang started remote-first, San Francisco-based Deel in 2019 as an EO …
