Rippling, a renowned player in the workforce management software sector, has successfully closed a substantial $200m funding round.
According to Silicon ANGLE, the company, valued at a staggering $13.5bn, announced this financial milestone with Coatue leading the charge. The Series F round also welcomed contributions from other significant institutional investors, including Greenoaks, a previous major supporter in Rippling’s $500m round last March.
At its core, Rippling offers a dynamic cloud platform tailored to streamline human resources operations. This flagship product simplifies complex tasks such as payroll administration, employee onboarding, and daily HR activities. Its cutting-edge automation feature allows the creation of workflows that autonomously manage repetitive tasks, enhancing efficiency across human resources teams.
Expanding beyond its primary HR focus, Rippling provides additional software-as-a-service solutions targeting crucial business areas. Its accounting platform aids financial teams in budget planning and corporate credit card issuance, while the IT service reduces the workload related to setting up new employee devices. These offerings further extend to managing application access and detecting compromised devices, showcasing Rippling’s commitment to comprehensive business solutions.
The newly acquired funds are earmarked for the development of a fourth cloud service, which CEO Parker Conrad indicates will pioneer a “completely different area”. Moreover, Rippling plans to integrate more advanced artificial intelligence features into its software, promising to enhance its existing portfolio significantly.
In a recent secondary sale associated with this funding round, Rippling facilitated up to $590m worth of equity sales for current and former employees, alongside early investors. This move underscores the company’s commitment to its community and stakeholders’ prosperity.
Rippling CEO Parker Conrad stated, “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. 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.”
Previously, after its last funding round, Rippling reported over $100m in annual recurring revenue. Recent updates suggest this figure has now surpassed $350m, with significant growth attributed to its ventures into IT and accounting software segments.
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