San Francisco-based HR platform Rippling secured $500M in fresh funding from existing investor Greenoaks Capital.
The funding was initially secured to process payroll for startups affected by the downfall of Silicon Valley Bank. When the FDIC announced that it would cover all bank deposits, the company realized it didn't need the funding after all.
- The funding is a flat round, at the same terms and $11.25B valuation as Rippling's previous $250M fundraiser from May 2022.
- With the addition of the fresh funds, the firm now has over $1B cash in its accounts.
- The firm reported over $100M in annual recurring revenue (ARR), with a 100% annual growth.
- The emergency funding round, which was completed within 24 hours, allowed Greenoaks to increase its percentage stake by 4%.
- Rippling switched its banking partner from SVB to JPMorgan Chase.
- Reuters predicts that this may be Rippling's final fundraising effort before going public, even though the company has not yet finalized its plans for an IPO listing.
