Rippling raises $145 million
Rippling, the startup by Zenefits founder Parker Conrad offering a platform to manage all aspects of employee data from payroll and benefits, to employee devices and apps, has closed a $145 million Series B round. The round was led by Founders Fund with participation from Greenoaks Capital, Coatue Management, and Bedrock Capital, as well as existing investors including Kleiner Perkins, Initialized Capital, and Y Combinator.
Founded in 2016, San Francisco-based Rippling offers a platform that works across the entire company, allowing businesses to onboard employees and instantly take care of their payroll, benefits, work computer, software and security, app access, and more.
In terms of benefits, the company claims that it is the only HR platform that supports every broker, giving companies the option to work with their own or have Rippling refer a broker. And for brokers, the company is offering up to $3,000 for referring clients.
“We like to think of ourselves as a Salesforce for employee data. And by that, we think that employee data is more than just HR. We want to manage access to all of your third party business apps, your computer and other devices. It’s when you combine all that that you can manage employees well.” – Parker Conrad, CEO and cofounder of Rippling.
“Rippling is not just a superior payroll company, but something much broader: they’ve built the system of record for all employee data, creating an entirely new software category. Rippling’s massive market opportunity is to streamline the employee lifecycle, from software to payroll to benefits, and fundamentally improve the way businesses hire and manage their employees.” – Founders Fund partner Napoleon Ta.