US fintech Rippling now valued at $13.5 billion after $200 million raise

US fintech Rippling now valued at $13.5 billion after $200 million raise

Rippling have announced that they have raised $200 million in new financing, and signed agreements with investors to repurchase up to $590 million of equity from current employees, former employees, and early investors. The financing was led by Coatue with participation from Founders Fund, Greenoaks, and other existing investors. Dragoneer have joined the round as a new investor.

The financing values Rippling at $13.5 billion.

Rippling CEO Parker Conrad (pictured) said, “We’re grateful for these investors’ conviction in Rippling, for the employees that have gotten us to this point, and for our clients, without whom none of this would be possible.”

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.

Maintaining the fidelity of the same employee data across all these disconnected systems – effectively, across multiple separate databases – is the reason it’s a lot of work for companies to have many different business systems in the first place. Rippling solves this problem by giving companies and employees a single place to make changes, which then propagate everywhere automatically.

Conrad added, “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 will continue to expand in new markets and invest deeply in R&D to enhance our current offering and build new products to support our clients.”