- Remote working compliance startup Deel recently raised $30 million in a funding round led by Spark Capital.
- Deel is part of a burgeoning remote work software industry, which which has seen valuations balloon as investors pile in.
- Founder and CEO Alex Bouaziz told Business Insider how he raised millions of dollars in funding over Twitter and Zoom – with no pitch deck.
- Visit Business Insider’s homepage for more stories.
Deel, a payroll and compliance platform designed for remote working, recently raised $30 million in a Series B funding round led by Spark Capital.
The raise, announced early September, came hot off the heels of founder Alex Bouaziz raising $14 million in a Series A round led by Andreessen Horowitz just six months earlier.
As the COVID-19 pandemic forced millions around the world to work from home under lockdown, the market for remote working software has exploded.
Speaking to Business Insider, Bouaziz revealed how his second major round of investment kicked off after receiving a Twitter DM from Yasmin Razavi, general partner at Spark Capital.
“She just dropped me a line saying, like,’Hey, we really like what you’re doing, we should chat over Zoom some time,” he said. “As with every VC, I just said,’OK, here’s my calendar, book a time.'”
Before he knew it, a friendly Twitter message had spurred talk of investment – and a funding round more than twice the size of Deel’s Series A six months earlier.
“Directly messaging people is great. As far as I’m concerned, with VCs, it’s kind of their job to check in on you and see what you’re up to. We decided to go with Spark because of Yasmin, she’s fantastic. “
“We still haven’t actually met in person,” Bouaziz laughs.
“In some ways, raising over Zoom was actually better. Taking meetings in-person often means a lot of travel, a lot of Ubers or trains and planes. With this, I could speak to one investor, and literally just click off from one meeting to the next.
“That really helps create a sense of urgency.”