Rippling

Rippling is a San Francisco software company whose platform lets businesses run HR, onboarding, payroll, device management, corporate cards and other administrative work from one employee record, priced as a monthly subscription. Parker Conrad, previously chief executive of Zenefits, and Prasanna Sankar co-founded the company in 2016, and the product launched in 2017. It competes with ADP, Paychex, Paycom, Paylocity and Deel, and had about 2,800 employees in 2024 with offices in California, Ireland, the UK, India and Australia.

In March 2017 Conrad was reported to have raised $7 million for the new company. Form D filings for People Center, Inc., Rippling's legal entity, report $45.0 million sold in an offering filed in April 2019 and $145.3 million in one filed in August 2020. In May 2022 Rippling raised a $250 million Series D at an $11.25 billion valuation. In March 2023, as Silicon Valley Bank failed while holding funds Rippling used for customer payroll, Greenoaks Capital agreed a $500 million Series E within about 12 hours at the same $11.25 billion valuation; TechCrunch named Kleiner Perkins, Sequoia Capital, Coatue and Founders Fund among the company's investors. A 2024 round valued Rippling at $13.5 billion. In May 2025 it raised a $450 million Series G at $16.8 billion with no lead investor; participants included Baillie Gifford, Elad Gil, Goldman Sachs Growth, Sands Capital and GIC, and the company also agreed to buy $200 million of shares from current and former employees.

Rippling remains private, with total funding of about $1.85 billion after the Series G. Conrad told CNBC in May 2025 that the company was not planning an IPO in the near term and that annual revenue growth was well over 30 percent. Annual revenue was around $1 billion by July 2026. Rippling moved its banking to JPMorgan after the SVB failure and is in litigation with Deel over alleged corporate espionage, a case an Irish judge allowed to proceed in 2026.

Rippling shows how a repeat founder can raise large growth rounds early and stay private for a decade. Its investors entered at a range of prices, from the $7 million early round to the $16.8 billion Series G, and the 2023 SVB round shows existing backers supplying emergency capital at a flat valuation rather than a down round. With no IPO planned, liquidity so far has come through company-run share purchases from employees rather than an exit for investors.