Workforce management platform Rippling announced it has raised $200 million in a Series F funding round. This funding round values the company at $13.5 billion.
Coatue led the financing, which included participation from Founders Fund, Greenoaks, and other existing investors. Dragoneer is joining the round as a new investor.
Rippling CEO Parker Conrad also said the company signed agreements with investors to repurchase up to $590 million of equity from current employees, former employees, and early investors.
Rippling’s platform is used by businesses to manage all of their HR & IT, payroll, benefits, computers, apps, etc., in one unified workforce platform. And by connecting every business system to one source of truth for employee data, businesses can automate the manual work they usually need to do to make employee changes. For example, with onboarding, you can just click a button and set up a new employee’s payroll, health insurance, work computer, and third-party apps — like Slack, Zoom, and Office 365 — all within 90 seconds.
KEY QUOTES:
“Rippling’s core thesis is that employee data is critical to a surprisingly large number of business systems, including the ones well outside of HR.”
“Maintaining the fidelity of the same employee data across all these disconnected systems—effectively, across multiple separate databases—is the reason it’s a lot of work for companies to have many different business systems in the first place. Rippling solves this problem by giving companies and employees a single place to make changes, which then propagate everywhere automatically.”
“The system that does this isn’t just a time-saver—we believe it will be a critical primitive for business software going forward.”
“Products that are built on top of a rich graph of data about the organization, employees, their devices and apps aren’t just easier to manage. They are better as software products—with more intelligent workflows and approvals, better role-based policies and permissions, and more powerful analytics.”
“This system we’ve built helps companies run more efficiently and achieve their business goals faster than their competitors. We will continue to expand in new markets and invest deeply in R&D to enhance our current offering and build new products to support our clients.”
- Parker Conrad
