As entertaining as it’s been for the tech industry to watch rival payroll decacorns Deel and Rippling sue each other over a corporate spying scandal, top-tier VCs are apparently not terribly scared off.
Deel on Thursday announced that it has raised a $300 million Series E round co-led by A-list fintech VC firm Ribbit Capital and Andreessen Horowitz, with participation from existing investors like Coatue Management and General Catalyst.
Deel says it’s been profitable for three years and surpassed $1 billion in ARR, including having a month — September — that hit $100 million in revenue. Deel’s business model focuses on serving global companies, handling the complexities of currency and employment regulation for far-flung international teams. It says it’s now grown to 35,000+ customers with more than 1.5 million workers in over 150 countries.
For what it’s worth, the lawsuits have not slowed down Rippling’s fundraising efforts either. In May, Rippling raised a $450 million Series G round at a $16.8 billion valuation.