Highlights:

  • Rippling’s flagship product is a cloud-based platform specifically engineered to streamline the workflow of human resources teams, enabling them to operate with greater efficiency.
  • Rippling’s accounting platform is engineered to streamline budget planning and corporate credit card issuance tasks. Its service for IT teams, in turn, minimizes the workload associated with setting up employee devices.

Rippling People Center Inc., a startup specializing in workforce management software and associated products, secured USD 200 million in late-stage funding, elevating its valuation to USD 13.5 billion.

In the recent Rippling People Center funding announcement, the company specified that Coatue led the investment. The Series F investment deal also involved participation from other institutional backers, including Greenoaks, which spearheaded Rippling’s previous USD 500 million round in March. The software maker has amassed approximately USD 1.4 billion in total external funding.

Rippling unveiled a secondary sale valued at up to USD 590 million alongside the latest financing round. This initiative will enable current and former employees and early investors to liquidate a portion of their equity.

Rippling’s flagship product is a cloud-based platform specifically engineered to streamline the workflow of human resources teams, enabling them to operate with greater efficiency.
The platform’s feature set encompasses payroll administration, employee onboarding, and other day-to-day HR tasks. It includes a built-in automation tool that empowers users to create workflows that execute repetitive tasks without manual input.

In addition to its core HR platform, Rippling provides two other software-as-a-service products. The first targets accounting departments, while the other is tailored for information technology professionals.

Rippling’s accounting platform is engineered to streamline budget planning and corporate credit card issuance tasks. Its service for IT teams, in turn, minimizes the workload associated with setting up employee devices. This offering extends to several related use cases, including application access management and compromised device detection.

In a blog entry, Parker Conrad, the CEO, stated, “Rippling’s core thesis is that employee data is critical to a surprisingly large number of business systems, including those well outside of HR. Products built on 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 the Rippling People Center funding announcement last March, Rippling disclosed that it generated more than USD 100 million in annual recurring revenue. Earlier last month, the information reported that this number had surged to over USD 350 million. It’s believed that the company’s expansion beyond HR software to encompass the IT and accounting segments is one of the contributing factors to this growth.

According to a renowned media outlet, Rippling plans to utilize its latest funding round to enhance its product portfolio by introducing a fourth cloud service. Conrad informed the publication that the new offering will focus on a “completely different area,” although he did not provide further details. Additionally, he mentioned that Rippling intends to integrate more artificial intelligence features into its software.