Human resources software company Rippling recently announced it has raised $450 million at a $16.8 billion valuation. This financing includes investment from Elad Gil, Sands Capital, GIC, Goldman Sachs Alternatives, Baillie Gifford, and Y Combinator, along with participation from existing investors. There was no lead investor in this funding round.
Riplling also committed to buying $200 million more worth of shares from current and previous employees. The company’s valuation increased by $13.5 billion from a round of funding a year ago.
What does Rippling do? The company offers human capital management (HCM), payroll, IT, and spending solutions for companies. The company serves over 20,000 customers and it has surpassed $100 million in annual recurring revenue (ARR).
KEY QUOTES:
We currently offer over two dozen products across HR, IT, and Spend — everything from payroll and benefits, SSO and identity management, to bill pay and corporate cards. Today’s financing will help accelerate our expansion into new markets, enhance existing products, and support the development of new products.
Rippling’s core thesis is that employee data is critical to a surprisingly large number of business systems, well beyond HR, IT and Finance. Yet most companies struggle to maintain the fidelity of this data, as it’s fragmented across multiple siloed databases. Rippling solves this problem by helping companies manage and automate every part of the employee lifecycle in a single platform, giving employees a centralized place to manage and make changes across their business systems.
Parker Conrad, co-founder and CEO
