Rippling, a San Francisco-based startup with a cloud-based workforce management platform, has raised a $500M funding round led by Greenoaks Capital, bringing its valuation to $11.25B.
The
funding round was raised to address concerns regarding the downfall of
Silicon Valley Bank, as the startup relied on the financial firm to
issue employee payments.
- According to its website, Rippling offers three versions of its platform: HR Cloud, IT Cloud, and Finance Cloud.
- The
company claims its HR Cloud platform is equipped with automation tools
to help manage global people operations in one place.
- IT Cloud facilitates the management of employees’ apps, devices, data, and security in one unified system.
- Finance
Cloud purports to consolidate corporate cards, expenses, bills, and
payroll to give companies insight into and greater control over
spending.
- The startup reportedly plans to go public but has not provided a specific timeline for a stock market listing.
