Rippling, a well-established figure in the workforce management software sector, has recently concluded a substantial $200 million funding round.
Silicon ANGLE reports that the company, valued at an impressive $13.5 billion, announced this financial achievement with Coatue leading the way. The Series F round also saw notable contributions from other institutional investors, including Greenoaks, a significant supporter in Rippling’s previous $500 million round last March.
At its core, Rippling offers a dynamic cloud platform tailored to streamline various human resources operations. This flagship product simplifies intricate tasks such as payroll administration, employee onboarding, and daily HR activities. With cutting-edge automation features, Rippling empowers organizations to create workflows that autonomously manage repetitive tasks, thereby enhancing efficiency across human resources teams.
Beyond its primary HR focus, Rippling extends its offerings to include additional software-as-a-service solutions targeting crucial business areas. Its accounting platform assists 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 encompass managing application access and detecting compromised devices, demonstrating Rippling’s commitment to comprehensive business solutions.
The newly acquired funds are allocated for the development of a fourth cloud service, a venture CEO Parker Conrad suggests will explore a “completely different area.” Additionally, Rippling plans to integrate more advanced artificial intelligence features into its software, promising significant enhancements to its existing portfolio.
In a recent secondary sale linked to this funding round, Rippling facilitated up to $590 million worth of equity sales for current and former employees, alongside early investors. This move underscores the company’s dedication to the prosperity of its community and stakeholders.
Rippling CEO Parker Conrad remarked, “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.”
Following its last funding round, Rippling reported over $100 million in annual recurring revenue. Recent updates suggest that this figure has now surpassed $350 million, with significant growth attributed to its ventures into IT and accounting software segments.
Source: fintech.global
