Rippling — operator of a human resources platform — has raised $450 million in new financing and signed agreements to repurchase up to $200 million of equity from current and former employees. The financing includes investment from Elad Gil, Sands Capital, GIC, Goldman Sachs Alternatives, Baillie Gifford, and Y Combinator, along with participation from existing investors.
The financing values the company at $16.8 billion.
Rippling currently offers over two dozen products across HR, IT, and Spend — everything from payroll and benefits, SSO and identity management, to bill pay and corporate cards. The new financing will help the company accelerate expansion into new markets, enhance existing products, and support the development of new products.
Rippling’s core thesis is that employee data is critical to a surprisingly large number of business systems, well beyond HR, IT and Finance. Yet most companies struggle to maintain the fidelity of this data, as it’s fragmented across multiple siloed databases. Rippling solves this problem by helping companies manage and automate every part of the employee lifecycle in a single platform, giving employees a centralized place to manage and make changes across their business systems.
