Deputy, a software company founded by Ashik Ahmed, has achieved a billion-dollar valuation with its recent funding round, making it the first private technology “unicorn” company to emerge since early 2022.
- Software Overview: Deputy offers a comprehensive workforce management solution that includes employee scheduling, timesheets, task management, and communication tools, all in one platform.
- Founding Inspiration: Ashik Ahmed’s experiences as a young working immigrant inspired him to create Deputy to provide solutions that help organize a company’s workforce.
- Investment and Valuation: The company received a US$37Mn investment from Express Employment Professionals, valuing Deputy at over US$1.1Bn. This is the first external investment in six years.
- Financial Performance: Deputy achieved its first profit in the fiscal year ending June 30, 2023, with a statutory profit of US$8.5Mn compared to the previous year’s loss of US$24.9Mn. Its annual revenue exceeded US$100Mn.
- Fundraising Success: Previous fundraising efforts, including a US$111Mn capital raise in 2018 led by US investor IVP, have contributed to Deputy’s current valuation.
