Workforce management startup Rippling today announced that it has closed a $250 million funding round led by Bedrock and Kleiner Perkins.
San Francisco-based Rippling, officially named People Center Inc., is now worth $11.25 billion. The startup has nearly doubled its valuation since last October, when it raised another $250 million funding round led by Sequoia Capital.
Rippling provides a cloud-based platform that human resources teams can use to carry out tasks such as payroll administration, enrolling employees in health insurance and managing benefits. HR professionals have historically carried out such tasks using not one but multiple software tools. According to Rippling, consolidating the workflow in a single platform increases productivity.
Also in the interest of improving productivity, Rippling provides an automation engine that helps reduce manual work. The automation engine can be used to streamline repetitive business tasks such as employee onboarding.
To grow its addressable market, Rippling has extended its platform to numerous adjacent segments over recent years. The startup provides an analytics tool that helps HR teams find opportunities to streamline their recruiting efforts. Rippling offers a learning management module that can be used to manage employee training initiatives.
Alongside its HR features, Rippling provides a set of capabilities for information technology departments. IT professionals can use the startup’s platform to set up new work devices for employees and download operating system updates. Rippling helps with application management as well: It provides a tool that helps companies manage which workers can access what business application and how.
Rippling argues that managing both HR and IT tasks through a single platform is more efficient than the usual approach of using separate software products. One key benefit, the startup says, is simpler data management.
“Maintaining the fidelity of the same employee data across all these disconnected systems — effectively, across multiple separate databases — is the reason it’s a lot of work for companies to have many different business systems in the first place,” stated Rippling co-founder and Chief Executive Officer Parker Conrad. “Rippling solves this problem by giving companies and employees a single place to make changes, which then propagate everywhere automatically.”
Rippling’s platform generates more than $100 million in annual revenue, Forbes reported today. Last October, the startup disclosed that the number of customers using its platform had more than doubled during the preceding 12 months, while annual recurring revenue jumped 270%. To continue its momentum, Rippling reportedly plans to roll out seven new products over the next year.