[Funding alert] Workforce management startup Rippling raises $250M in Series D round
Bangalore and San Francisco-based workforce management startuphas announced it has raised $250 million in a Series D round co-led by Bedrock and Kleiner Perkins, with participation from existing investors Y Combinator, Sequoia Capital, and more. The round values the company at $11.25 billion, the company stated in a blog post.
Founded in 2016 by Parker Conrad, the former CEO of Zenefits, Rippling unifies the payroll so that one can manage all of their workforce systems, data, and reporting in one place.
The company was last valued at around $6.5 billion after its $250 million Series C in October. The Series D brings Rippling’s total funding to about $700 million, and significantly increases its valuation.
"I’m grateful for these investors’ conviction in Rippling, for the employees that have gotten us to this point, and for our clients, without whom none of this would be possible," Conrad wrote in the blog post.
"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," he added.
In an email interaction, the startup confirmed that in the last 12 months, Rippling has more than doubled its ARR since its previous financing round.
"We are one of the largest tech companies based in India, with a nine-figure ARR. We have seen nearly 3X ARR growth in the last 12 months, and have added 150+ India employees," the company stated.