(Reuters) -Payroll startup Deel said on Thursday it raised $300 million in a funding round, led by new investor Ribbit Capital alongside existing backers Andreessen Horowitz and Coatue Management, valuing the company at $17.3 billion.
The San Francisco, California-based company said it plans to use the fresh capital for acquisitions and expand its payroll infrastructure with a goal of offering native payroll in more than 100 countries by 2029.
Deel crossed $1 billion annual revenue run rate in the first quarter and earmarked up to $500 million for acquisitions this year to bolster growth, the company previously said.
Founded in 2019, Deel provides services to help companies hire international employees and contractors while ensuring compliance with local labor laws. It also automates payroll processing for businesses operating across multiple countries.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Vijay Kishore)
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