Rippling has raised $450 million in a Series G funding round to accelerate its expansion into new markets, enhance its existing products and develop new ones.
The company currently offers more than two dozen products across human resources (HR), information technology (IT) and spend, including payroll and benefits, single sign-on (SSO) and identity management, bill pay and corporate cards, Rippling CEO Parker Conrad wrote in a Friday (May 9) blog post.
These products are designed to help companies maintain the fidelity of employee data, which is often fragmented across siloed databases, according to the post.
“Rippling solves this problem by helping companies manage and automate every part of the employee lifecycle in a single platform, giving employees a centralized place to manage and make changes across their business systems,” Conrad said in the post.
Because they are built on top of this data, the products are easier to manage and enable better workflows and approvals, role-based policies and permissions, and analytics, per the post.
“This system we’ve built helps companies run more efficiently and achieve their business goals faster than their competitors,” Conrad said.
Conrad also said in the post that the financing values Rippling at $16.8 billion and that the company signed agreements to repurchase up to $200 million of equity from current and former employees.
GIC, one of the firms that participated in the funding round, said in a Friday post on LinkedIn that Rippling’s workforce management platform allows businesses to operate more efficiently.
“This funding will help Rippling’s product development across new and existing products while further supporting the company’s continued market expansion,” GIC said in its post. “We look forward to supporting the team over the long term, alongside our partners.”
Rippling’s Series G came just over a year after its Series F funding round in which the company raised $200 million in new financing and was valued at $13.5 billion.
When announcing that round in April 2024, Rippling said it also signed agreements with investors to repurchase up to $590 million in equity from current and former employees and early investors.
In September, Rippling rolled out a product called Talent Signal that uses artificial intelligence to gauge employee performance based on task-specific metrics.
