Employee management platform Rippling announced Thursday that it raised $250 million in a Series C round led by Sequoia Capital. The fresh financing values the unicorn at a whopping $6.5 billion and comes in a little over a year following its Series B.
Rippling got its start in 2016 by helping employers manage a range of operations tasks from completing tax forms to onboarding new employees. Since then, the company has expanded its platform to manage nearly all aspects of employee data, everything from their pay and benefits to the apps they use to perform their job duties. Not only that, but Rippling’s new device management tool can retrieve and wipe clean an employee’s company computer for future use.
“[Our] core thesis is that employee data is critical to a surprisingly large number of business systems, including the ones well outside of HR,” Parker Conrad, CEO of Rippling, said in a statement. “Maintaining the fidelity of the same employee data across all these disconnected systems is the reason it’s a lot of work for companies to have many different business systems in the first place.”
Rippling’s platform is quickly gaining recognition as an essential tool across enterprises that rely on multiple apps to perform workforce management tasks. So quickly that, over the last year, the company has more than doubled the size of its customer base, Conrad told TechCrunch.
“Products built on top of a rich graph of data about the organization, employees, and their devices and apps aren’t just easier to manage, they are better as software products,” Conrad continued.
Rippling plans to invest in product research and development as it continues to scale. The company is also on the lookout for over 60 fresh faces to join its team. Rippling is now hiring for dozens of remote and in-person tech positions spanning its product, engineering and customer success teams, to name a few.
Rippling has raised $447 million in venture capital financing to date, according to Crunchbase.
A number of existing investors joined the round, including Greenoaks.
