NEW YORK: Rippling, a human resources and payroll startup, has raised US$450mil at a valuation of US$16.8bil, a deal that brings the value of the stake of its leader, Parker Conrad, to about US$2.3bil, according to the Bloomberg Billionaires Index.
The new funding, which Bloomberg previously reported, was officially announced last Friday.
Conrad, who co-founded Rippling in 2016, owns about 14% of the company, according to Bloomberg calculations based on a government filing. Rippling declined to comment on Conrad’s stake or networth.
The round solidifies a Silicon Valley comeback story for Conrad, who was pressured to resign from his company Zenefits in 2016 amid a scandal over regulatory compliance.
The company settled with the Securities and Exchange Commission without admitting wrongdoing in 2017.
The same year he left Zenefits, Conrad started Rippling, now one of the country’s largest startups by valuation.
Rippling, formally called People Center Inc, is also in the news for another reason: a high-drama legal battle with its arch rival, Human Resources startup Deel Inc, which it has accused of corporate espionage. — Bloomberg
