Workforce management platform Rippling has completed a $450 million Series G funding round, raising its valuation to $16.8 billion.
Investors in this round include Y Combinator, Sands Capital, GIC, Goldman Sachs Alternatives, and Baillie Gifford.
In addition to the primary funding, Rippling initiated a $200 million share buyback program, allowing current and former employees to sell shares and gain liquidity without pursuing an IPO.
Rippling’s $450M Raise Fuels Global Expansion and Product Push
The company plans to use the funds to expand globally, enhance its product portfolio, and accelerate growth.
Y Combinator, a backer of Rippling since its Winter 2017 batch, not only participated in this round but also adopted Rippling’s platform for its own operations.
The accelerator now recommends Rippling as a key HR solution to its portfolio companies, offering discounted services under a new “Founder Mode” program.
With over 20,000 customers and more than 4,000 employees, Rippling’s annual recurring revenue now surpasses $570 million a significant increase from $350 million in 2023.
Despite its rapid growth, CEO Parker Conrad stated that the company remains focused on scaling rather than pursuing an IPO in the short term.
Kaynak: https://www.techinasia.com/news/y-combinator-joins-450m-series-g-of-hr-software-firm-rippling
