Rippling the HR tech startup, has managed to raise $250 million in funds, taking its valuation to more than $11 billion. The Series D funding round was led by Kleiner Perkins and Bedrock. Existing investors, Y Combinator and Sequoia Capital also participated in the round.
Till date, the San Francisco-based Rippling has raised about $700 million in funds.
It was only in October 2021 that the Company was valued at $6.5 billion. About six months since then, its value now stands over 70 per cent higher, at $11.25 billion.
The startup automates employee management systems, including payroll, benefits and accessibility to apps.
With plans to launch about seven new products in the next 12 months, the Company’s annual revenue exceeds $100 million.
Founded in 2016, by Parker Conrad, the Company has the backing of Initialized Capital and Founders Fund among other investors.
Rippling’s software not only automates various employee-related processes and systems, but also facilitates the management and updation of various software tools and apps used by the employees. Simply put, it handles all administrative work which can otherwise prove to be cumbersome for the HR, and take up valuable time and energy.
It is reported that half of Rippling’s revenue is invested in research and development, which is rather high for a SaaS company of this level.
Earlier this year, Rippling, announced its partnership with Carta, the platform for equity management. This collaboration will allow Rippling users to view real-time salary and equity compensation on the same platform.