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Parker Conrad’s Rippling Reaches $11.25B Valuation With Series D

HR tech startup Rippling raised $250 million, bringing its valuation to more than $11 billion, the company announced Wednesday.

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Rippling automates management of employee systems—from payroll, benefits and what apps they have access to—all from one place. The company was founded by Parker Conrad, the former CEO of Zenefits.

Kleiner Perkins and Bedrock co-led the Series D. The round also included participation from existing investors Y Combinator and Sequoia Capital, per a blog post from Conrad. The Series D brings Rippling’s total funding to about $700 million, and significantly increases its valuation. The company was last valued at around $6.5 billion after its $250 million Series C in October.

“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 blog post. “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.”

The company’s annual recurring revenue is above $100 million, and it expects to roll out seven new products over the next year, Forbes reported. 

San Francisco-based Rippling, which was founded in 2016, is backed by investors including Founders Fund and Initialized Capital. 

Illustration: Dom Guzman

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