GlobalData
1 min read
HR tech company Rippling has raised $450m in its Series G round of financing, pushing its valuation to $16.8bn.
The workforce management platform also announced agreements to repurchase up to $200m worth of equity from current and former employees.
The financing round drew participation from investors including Elad Gil, Sands Capital, GIC, Goldman Sachs Alternatives, Baillie Gifford, and more.
The round was also joined by the company’s existing investors.
In a statement, the San Francisco-based company intends to use the money to support international expansion, enhance current offerings, and develop new products.
Founded in 2016, the company currently provides more than two dozen tools across HR, IT, and Spend functions — spanning payroll and benefits to identity management and corporate expense solutions.
Rippling positions its platform as a unified system for managing employee data across business departments, aiming to address the issue of fragmented and siloed databases.
The company said that its technology enables organisations to automate the employee lifecycle while offering integrated controls over devices, applications, and business workflows.
Rippling's latest funding push coincide with a lawsuit against rival Deel, accusing an employee of spying on trade secrets, TechCrunch reported.
Deel countersued in April, denying the claims and levelling its own allegations.
In April 2024, Rippling raised $200m in a Series F funding round and agreed to buy back up to $590m in equity from current and former employees as well as early investors.
"Rippling raises $450m at $16.8bn valuation" was originally created and published by Verdict, a GlobalData owned brand.
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