Rippling Raises $145M at $1.35B Valuation to Build All-in-One Employee Data Platform
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This is a TechCrunch funding announcement for Rippling, an HR/IT management platform. It has no direct relevance to AI safety research or alignment, but tangentially relates to enterprise software infrastructure that manages employee data and access permissions.
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Summary
Rippling, founded by Parker Conrad, closed a $145 million Series B at a $1.35 billion valuation to expand its unified platform for managing employee data including HR, payroll, benefits, and device management. The round was led by Founders Fund with participation from Greenoaks Capital, Coatue Management, and others. The company targets businesses with 2-1,000 employees and positions itself as a 'Salesforce for employee data.'
Key Points
- •Rippling raised $145M Series B at $1.35B valuation, up from $270M valuation just over a year prior.
- •Founders Fund led the round; partner Napoleon Ta joins the board of directors.
- •The platform unifies HR, payroll, benefits, device management, and app provisioning into one system.
- •75% of customers onboard with HR products first, with potential to expand to full suite.
- •Funding was partly opportunistic given macroeconomic uncertainty, to build a financial stockpile.
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Big news today the world of IT startups targeting businesses. Rippling , the startup founded by Parker Conrad to take on the ambitious challenge of building a platform to manage all aspects of employee data, from payroll and benefits through to device management, has closed $145 million in funding — a monster Series B that catapults the company to a valuation of $1.35 billion.
Parker Conrad, the CEO who co-founded the company with Prasanna Sankar (the CTO), said in an interview that the plan will be to use the money to continue its own in-house product development (that is, bringing more tools into the Rippling mix organically, not by way of acquisition) but also to have it just in case, given everything else going on at the moment.
“We will double down on R&D but to be honest we’re trying not to change the formula too much,” Conrad said. “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 latest round included Greenoaks Capital, Coatue Management and Bedrock Capital, as well as existing investors including Kleiner Perkins, Initialized Capital and Y Combinator. F ounders Fund led this round, and partner Napoleon Ta will join Rippling’s board of directors. Founders Fund had also backed Zenefits when Parker was at the helm, and from what we understand, this round was oversubscribed — also a big feat in the current market, working against a lot of factors, including a wobbling economy.
It is a big leap for the company: it was just a little over a year ago that it raised a Series A of $45 million at a valuation of $270 million.
This latest round is notable for a few reasons.
First is the business itself. HR and employee management software are two major areas of IT that have faced a lot of fragmentation over the years, with many businesses opting for a cocktail of services covering disparate areas like employee onboarding, payroll, benefits, device management, app provisioning and permissions and more. That’s been even more the case among smaller organizations in the 2-1,000 employee range that Rippling targets.
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