Funding round
Rippling Series E
Rippling, which works in workforce management platform licensing in San Francisco, raised $500M in a Series E round announced on 21 Mar 2023, led by Greenoaks, at a $11.25B post-money valuation. 2 firms took part. It is Rippling's fifth venture round on record; the one before was a Series D in May 2022.
$500M
Amount raised
$11.25B
Post-money valuation
$10.75B pre-money
2
Investors
1 lead
1.0x
Step-up from the Series D
$11.25B in May 2022
4.4%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Rippling at $11.25B after the new money, 1.0 times the $11.25B of its Series D (May 2022). The $500M bought investors about 4.4% of the company. It came 10 months after Rippling's Series D. It is 27% of the $1.87B Rippling has raised in the venture rounds on record. Rippling raised again 13 months later: a Series F round of $200M in Apr 2024, at $13.50B post-money.
Rippling's funding rounds
Rippling has 7 venture rounds on record. This one is highlighted.
- Series A 3 Apr 2019, led by Kleiner Perkins $45M$270M post-money
- Series B 4 Aug 2020, led by Founders Fund $145M$1.35B post-money
- Series C 21 Oct 2021, led by Sequoia Capital $279M$6.52B post-money
- Series D 11 May 2022, led by Bedrock and Kleiner Perkins $250M$11.25B post-money
- Series E this round 21 Mar 2023, led by Greenoaks $500M$11.25B post-money
- Series F 22 Apr 2024 $200M$13.50B post-money
- Series G 9 May 2025 $450M$16.80B post-money
Investors
Who put money in
Greenoaks led the round with 1 other firm.
Lead investor
- Greenoaks backs 77 venture-backed companies new investor
Also in the round
- Dragoneer Investment Group backs 82 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, scaling operations and working capital.
- Hiring
- Scaling operations
- Working capital
Comparable rounds
How it compares
32 Series E rounds in Tech Companies within a year either side disclosed an amount; the median was $95M, and this round was 5.3 times the median. The closest in time, other companies' Series E rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Quantexa Tech Companies | 4 Apr 2023 | $129M | $1.80B | GIC |
| Tech Companies | 13 Apr 2023 | $65M | not disclosed | Dragoneer Investment Group |
| Inflection AI Tech Companies | 29 Jun 2023 | $1.30B | $4.00B | Microsoft and Nvidia |
| Tomorrow.io Tech Companies | 14 Jun 2023 | $87M | not disclosed | Activate Capital |
| Tech Companies | 1 Dec 2022 | $60M | $700M | Sofina and Temasek |
| Tech Companies | 7 Dec 2022 | $42M | not disclosed | J.P. Morgan Asset Management’s Sustainable Growth Equity team |
| Tech Companies | 2 Nov 2022 | $123M | $1.70B | Thoma Bravo and Sanabil |
| Tech Companies | 4 Nov 2022 | $16M | not disclosed | not named |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Rippling raise in its Series E round?
Rippling raised $500M in its Series E round, announced in Mar 2023.
Who led Rippling's Series E round?
Greenoaks led it, with Dragoneer Investment Group.
What was Rippling's valuation at the Series E round?
$11.25B post-money ($10.75B pre-money).
How does it compare with other Series E rounds in Tech Companies?
32 Series E rounds in Tech Companies within a year either side disclosed an amount; the median was $95M, and this round was 5.3 times the median.
Did Rippling raise again after this round?
Yes: a Series F round in Apr 2024 of $200M at $13.50B post-money.