Rippling, the San Francisco-based HR tech startup, has achieved a significant milestone by raising $450 million in a Series G funding round, elevating its valuation to $16.8 billion. This funding round includes a $200 million tender offer aimed at providing liquidity to current and former employees. Notably, Y Combinator, an early backer of Rippling, has become a customer, integrating Rippling’s services across its portfolio of startups. 

Rippling offers a comprehensive workforce management platform that consolidates HR, IT, and finance operations into a single system. Its suite of over two dozen products includes payroll, benefits administration, identity management, bill payments, and corporate card issuance. This integrated approach enables businesses to manage the entire employee lifecycle efficiently, from onboarding to offboarding. The platform’s automation capabilities and centralized data management address common challenges faced by companies in streamlining their internal processes. 

With this latest funding, Rippling’s total capital raised amounts to $1.85 billion. The company serves over 20,000 customers and employs more than 4,000 individuals globally. Its annual recurring revenue has reached $570 million, reflecting substantial growth from previous figures. The new capital will support Rippling’s expansion into new markets, enhancement of existing products, and development of new offerings. Additionally, Rippling is focusing on early-stage companies through initiatives like the “Startup Stack,” offering six months of free services to startups.