Rippling Raises $200 Million to Enhance Workforce Management Platform
Workforce management platform Rippling has raised $200 million in new financing in a Series F round that values the company at $13.5 billion.
Rippling has also signed agreements with investors to repurchase up to $590 million in equity from current and former employees and early investors, Rippling CEO Parker Conrad wrote in a Monday (April 22) blog post.
The company’s platform brings together human resources (HR), information technology (IT), finance and more to create a single source of truth for employee data, according to its website. It is integrated with more than 500 apps and helps businesses execute more efficiently.
“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,” Conrad wrote in the post.
By providing a single place where companies and employees can make changes, which then propagate everywhere automatically, Rippling solves the challenge of maintaining the accuracy of employee data across disconnected systems, according to the post.
This not only saves time but also enables more intelligent workflows and approvals, better role-based policies and permissions, and more powerful analytics, the post said.
“The system we’ve built helps companies run more efficiently and achieve their business goals faster than their competitors,” Conrad wrote in the post. “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.”
It was reported April 16 that Rippling was in discussions about a funding round that would value it at $13.4 billion. The company had already raised a total of $1.2 billion, TechCrunch reported at the time.
Rippling’s Series F round comes about a year after it raised $500 million in Series E financing and was valued at $11.25 billion. That valuation was about the same as its Series D financing in May 2022, the company said in a March 17 blog post.
In another recent development in the HR space, Wagestream said April 17 that it raised £17.5 million (about $21.8 million) to expand its financial well-being app focused on frontline workers.
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