Scoop: Deel raises funds at $12 billion valuation

Remote hiring startup Deel has raised new venture capital funding at a $12 billion valuation, after having been valued at $5.5 billion last fall, Axios has learned from multiple sources.

Why it matters: This price increase stands in stark contrast to plummeting tech valuations in the public markets.

• It also suggests that venture capitalists aren't anticipating major hiring slowdowns, or at least not for the sort of overseas talent in which Deel specializes.

Details: The round size is $50 million. New investors include Laurene Powell Jobs' Emerson Collective, while existing company backers include Andreessen Horowitz, Spark Capital and Y Combinator.

• San Francisco-based Deel CEO Alex Bouaziz recently disclosed that the company's annual recurring revenue rate is $100 million, with a source saying that the company's pace has since accelerated. The source adds that Deel's 2021 burn rate was "single digit millions," but is expected to increase in 2022.

Spokespeople for Deel and Emerson declined comment.