Remote-hiring firm Deel valued at $5.5 billion after Coatue-led investment

(Reuters) - Remote-hiring company Deel said on Monday its valuation was $5.5 billion following a $425 million funding round led by investment firm Coatue.

The latest round was led by Coatue’s partners Rahul Kishore and Lucas Swisher. Other investors, including technology-focused investment company Altimeter Capital and venture capital giant Andreessen Horowitz, also participated in the round, Deel said.

With the fresh infusion of funds, Deel has more than tripled its valuation from April, when a funding round valued it at $1.25 billion.

San Francisco-based Deel said it has now raised more than $630 million in funding.

The company, which was founded in 2019, offers payroll and compliance tools to ease remote hiring for businesses. Its customers can hire independent contractors and full-time employees in over 150 countries, it says.

Deel serves more than 4,500 customers, including cryptocurrency exchange Coinbase Global Inc and e-commerce giant Shopify Inc, compared with its customer base of 1,800 in April.

Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber