Rippling has raised $450M in new financing and signed agreements to repurchase up to $200M of equity from current and former employees. The financing includes investment from Elad Gil, Sands Capital, GIC, Growth Equity at Goldman Sachs Alternatives, Baillie Gifford, and Y Combinator, along with participation from existing investors.
The financing values the company at $16.8 billion.
According to a company blog post;
We’re grateful for these investors’ conviction in Rippling, for the employees who have gotten us to this milestone, and for our clients, without whom none of this would be possible.
We currently offer over two dozen products across HR, IT, and Spend—everything from payroll and benefits, SSO and identity management, to bill pay and corporate cards. Today’s financing will help accelerate our expansion into new markets, enhance existing products, and support the development of new products.
Rippling’s core thesis is that employee data is critical to a surprisingly large number of business systems, well beyond HR, IT and Finance. Yet most companies struggle to maintain the fidelity of this data, as it’s fragmented across multiple siloed databases. 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.
The system that does this isn’t just a time-saver—it is a critical primitive for business software going forward.
Products that are built on top of a rich graph of data about the organization, employees, their devices and apps aren’t just easier to manage. They are better as software products—with more intelligent workflows and approvals, better role-based policies and permissions, and more powerful analytics.
This system we’ve built helps companies run more efficiently and achieve their business goals faster than their competitors.
We are, of course, hiring across all roles: rippling.com/careers.
