(Reuters) -HR software firm Rippling said on Wednesday it was valued at $11.25 billion after a $250 million funding round led by venture capital firms Bedrock and Kleiner Perkins.
The San Francisco-based company offers services to businesses to manage their human resource and information technology operations – such as employees’ onboarding and payroll management.
Rippling was founded in 2016, according to its LinkedIn profile, and emerged from “stealth mode” in 2017. It was co-founded by Silicon Valley entrepreneur Parker Conrad, who was formerly the chief executive at HR software firm Zenefits, a role he left in the same year Rippling was founded.
Existing investors including Silicon Valley’s prominent incubator and startup fund Y Combinator and venture capital giant Sequoia Capital also participated in Rippling’s latest Series D round, the company said.
More startups have turned to venture funding in recent months, instead of accessing public equity markets which are reeling under pressure from the Ukraine conflict and aggressive moves from central banks to tame stubbornly high inflation.
In the first quarter this year, nearly 4,822 venture capital deals were completed in the United States, marking the highest number of closed transactions in any quarter on record, according to data from Pitchbook.
(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri)
