Rippling has raised $450M in a Series G round, boosting its valuation to $16.8B. The round includes investors like Elad Gil, Sands Capital, GIC, Goldman Sachs Alternatives, Baillie Gifford, and Y Combinator. A $200M tender offer accompanies the funding, allowing equity repurchase from employees. The funds will accelerate product development and global expansion. 

May 10, 2025 | San Francisco, CA — HR technology platform Rippling has raised $450 million in a Series G funding round, boosting its valuation to $16.8 billion, a significant jump from its $13.4 billion valuation just a year ago. The company also announced a $200 million tender offer to repurchase equity from current and former employees, signaling strong internal confidence and investor support.

Strategic Backing and New Stakeholders

This funding round attracted a mix of new and existing investors. New participants include Sands Capital, GIC (Singapore’s sovereign wealth fund), Goldman Sachs Growth, and Baillie Gifford. Existing investors such as Elad Gil, Y Combinator, and others also returned with continued support.

Rippling has now raised a total of $1.85 billion since its inception in 2016, establishing itself as a leader in the integrated HR, IT, and finance platform space. The company currently serves over 20,000 customers and employs more than 4,000 people.

YC: From Investor to Customer

In a noteworthy development, Y Combinator—a long-time investor—revealed it is now also a customer of Rippling. In a newly released case study, YC endorsed Rippling as the HR “tool of choice” for all of its accelerator-backed founders. The endorsement comes alongside Rippling’s launch of a new “Founder Mode” service tier, offering special discounts and tools tailored to startups.

Expanding Its Startup Reach

Earlier this week, Rippling CEO Parker Conrad introduced “Startup Stack,” an initiative offering six months of free Rippling services to early-stage companies. According to the company, more than 15,000 startups already use Rippling, including fast-growing names like Cursor (Anysphere), Clay, and Sierra.

Legal Storm in the Background

This financing arrives as Rippling faces an ongoing legal dispute with rival Deel, another YC alum. Rippling has accused Deel of corporate espionage, while Deel has counter-sued, denying the claims and making accusations of its own. Despite the legal friction, Rippling’s valuation remains unaffected, and investor interest appears undeterred.

Vision: Building the Operating System for Work

Rippling’s platform now includes over two dozen integrated products, covering payroll, benefits, identity management, device provisioning, bill payments, and corporate cards. The company’s core thesis is that employee data is the connective tissue across many business systems—not just HR—and Rippling aims to unify these siloed processes into one seamless platform.

The newly raised capital will fuel product development, global expansion, and deeper AI-powered automation across its platform.

“We’re not just building tools; we’re building a new primitive for business software,” said CEO Parker Conrad.