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The company has created a workforce management platform that aims to put employee data into a single location to save time for businesses.
Rippling, a US-founded company that makes software for employee management, has raised $200m in a funding round that valued the company at $13.5bn.
The Series F funding round was led by Coatue, an investment firm that claims to have more than 200 tech companies included in its active private portfolio.
The funding round also included existing investors such as Founders Fund and Greenoaks, while Dragoneer joined the round as a new investor. Rippling said it has also signed agreements with investors to repurchase up to $590m of equity from current employees, former employees and early investors.
Rippling was founded in the US in 2016 and its tech aims to streamline workforce management processes such as payroll, expenses and benefits. Last year, the company claimed to serve around 10,000 clients.
Rippling CEO Parker Conrad said the company is grateful for its investors, employees and clients – “without whom none of this would be possible”. He said 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,” Conrad said.
“Rippling solves this problem by giving companies and employees a single place to make changes, which then propagate everywhere automatically. The system that does this isn’t just a time-saver – we believe it will be a critical primitive for business software going forward.”
Conrad also said the company plans to expand into new markets and invest in R&D to “enhance our current offering and build new products to support our clients”.
Last September, Rippling began an expansion into Ireland when it opened its European headquarters in Dublin. At the time of this expansion, Rippling said it planned to create 100 additional jobs in Ireland, on top of the 35 it already employed in the country.
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