Deals
Startup Rippling Raises $500 Million in Funds After SVB Fails
- Existing VC backer Greenoaks Capital facilitated the funding
- Funding round keeps company valued at $11.25 billion
Parker Conrad
Photographer: Kimberly White/Getty ImagesThis article is for subscribers only.
Rippling has raised $500 million at a valuation of $11.25 billion, after one of its venture-capital backers rushed to shore up the workforce-management software provider following the collapse of Silicon Valley Bank.
The emergency round facilitated by Greenoaks Capital gives Rippling the same valuation it fetched in a fundraising last year, despite a market correction that’s prevented most startups from raising money at favorable terms.