San Francisco-based HR technology company Rippling has secured $450 million in a Series G funding round, elevating its valuation to $16.8 billion. This marks a significant increase from its $13.4 billion valuation during the Series F round in 2024.
Key Details of the Funding Round
- Investors: The round saw participation from both new and existing investors, including Sands Capital, GIC, Goldman Sachs Growth, Baillie Gifford, Elad Gil, and Y Combinator.
- Employee Tender Offer: Alongside the primary funding, Rippling is conducting a $200 million tender offer to provide liquidity for current and former employees.
Company Growth and Offerings
Founded in 2016, Rippling offers a unified platform that integrates HR, IT, and finance functions, including payroll, benefits, device management, and corporate cards. The company serves over 20,000 customers and has more than 4,000 employees. F
Rippling’s annual recurring revenue has surpassed $570 million, reflecting significant growth in recent years.
Strategic Initiatives
- Startup Stack: Rippling has introduced a “Startup Stack” program, offering six months of free services to startups, aiming to expand its customer base among early-stage companies. TechCrunch
- Global Expansion: The company is extending its Employer of Record services to 80 countries, positioning itself as a competitor to firms like Deel in the global employment space.
Legal Challenges
Rippling is currently engaged in a legal dispute with competitor Deel, alleging corporate espionage and misappropriation of trade secrets. Deel has filed a countersuit denying the allegations.
Future Outlook
Despite its substantial growth and valuation, Rippling has no immediate plans to go public. CEO Parker Conrad stated that the company aims to achieve profitability before considering an IPO.
