The Series C round drew participation from Sequoia Capital, Founders Fund, Threshold Ventures, and Global Growth Capital, among others. Here are the top-line bullets you need to know.
Rippling, an employee management software provider, has raised $250M in a Series C. The round drew participation from Sequoia Capital, Founders Fund, Threshold Ventures, and Global Growth Capital, among others.
How’s the company performing?
- San Francisco-based Rippling helps businesses manage employee onboarding and data, including that related to payroll and benefits. The company also offers a device management platform to help its customers retrieve, clean up, and store employee devices.
- Over the past year, the company has doubled the size of its customer base, which includes Highnoon, Compass Coffee, Superhuman, and Elucd.
- Rippling’s annual recurring revenue (ARR) has increased 2.7 times over the past 12 months.
- It has more than 10 product lines, each of which is at a $1M+ ARR run-rate. Additionally, the platform has more than 20 different first-party applications.
- The company currently has around 800 employees across its offices in the US and India.
Why does the market matter?
- The global HR software market is expected to grow at a CAGR of 10.08% and reach a value of $33.58B by 2028, according to Verified Market Research.
- The increasing adoption of cloud-based workforce management solutions across verticals by businesses of all sizes amid the pandemic has resulted in market growth.