- Rippling, a company that is focused on managing employee data, announced that it has raised $145 million in funding. The valuation of the company is now reportedly $1.35 billion.
Rippling, a company that is focused on managing employee data, announced that it has raised $145 million in Series B funding. According to TechCrunch, this round of funding was at a $1.35 billion valuation.
Rippling is a way for businesses to easily manage their employees’ payroll, benefits, devices, cloud apps, etc. — all in one system. Now the company has 250 employees, thousands of customers, and it is rated as one of the all-in-one HR and IT software out there.
Founded by CEO Parker Conrad and CTO Prasanna Sankar, Rippling will be using the funding to continue in-house product development.
“We will double down on R&D but to be honest we’re trying not to change the formula too much,” said Conrad via TechCrunch. “We want to have that discipline. This fundraising was opportunistic amid the larger macroeconomic risk at the moment. I was working at startups in 2008-2009 and the funding markets are strong right now, all things considered, and so we wanted to make sure we had the stockpile we needed in case things went bad.”
This round of funding was provided by Greenoaks Capital, Coatue Management and Bedrock Capital along with existing investors Kleiner Perkins, Initialized Capital, and Y Combinator. Founders Fund partner Napoleon Ta is joining Rippling’s board of directors in connection with the funding round.
“Rippling is not just a superior payroll company, but something much broader: they’ve built the system of record for all employee data, creating an entirely new software category. Rippling’s massive market opportunity is to streamline the employee life cycle, from software to payroll to benefits, and fundamentally improve the way businesses hire and manage their employees,” added Ta.
This valuation is also a major jump from when Rippling raised $45 million in funding at a valuation of $270 million about a year ago. Founders Fund is also known for backing Zenefits when Parker was running that company.
“Once you’re lucky, twice you’re good,” noted Mamoon Hamid, a partner at Kleiner Perkins. “Parker is a true product visionary, and he and his team are solving an enormous pain point for businesses everywhere. We’re thrilled to continue partnering with Rippling as demand for their platform dramatically increases in this era of remote work.”