After SVB froze its deposits, HR software startup Rippling raised a $500M Series E at an $11.25B valuation, same as Series D, taking its total funding to $1.2B
As a serial entrepreneur who has famously endured some ups and downs, Parker Conrad has nearly seen it all. Or so he might have thought until last week.
TechCrunchConnie Loizos
Context & Ripple Effects
Rippling had moved from a $6.5B valuation in its 2021 financing to an $11.25B Series D in 2022. This round preserves that Series D price rather than extending the prior valuation step-up.
The funding arrives alongside SVB's deposit freeze, making the raise relevant not only as growth capital but as a financing response during an acute banking disruption.
First-order effects
Rippling receives $500M in new Series E capital, lifting its cumulative funding to $1.2B.
The company and its investors accept an unchanged $11.25B valuation from the prior $250M Series D, rather than pricing a higher round.
Second-order effects
A flat-priced round gives HR-software peers and their investors a clearer signal that access to capital can remain available during disruption, but without automatic valuation gains.
Companies with concentrated banking exposure have added incentive to prioritize liquidity access and financing relationships alongside operating growth.
Third-order effects
If similar rounds persist, late-stage private markets may place more weight on resilience and available capital than on rapid markups, concentrating funding in startups that can still attract large checks.
The trend: This is one data point in the concentration of late-stage venture funding around companies able to secure substantial capital while defending prior valuations during financial stress.
This is really impressive. Proud Rippling customer. A+ crisis management. I appreciate the comms they gave to their customers throughout the process. We never used SVB but many startups like us were affected because our vendors used them. https://techcrunch.com/...
The strongest attestation of Rippling being an n-of-1 company to-date. The circumstances they faced would've been insurmountable to many, but this team moved mountains to do right by their customers and is now a stronger business with a LOT more capital. https://techcrunch.com/..…
One of the most badass things I have witnessed is the Rippling team rallying to navigate the SVB crises a week ago. First, the team completed a heroic transition from SVB to JPMC for funds flow in less than 24 hours. 1/ https://techcrunch.com/...
“in the span of 12 hours, Rippling would be able to secure $500 million in fresh funding to protect his company in the event that the markets spiraled even more out of control.” Incredible testament to Rippling & some of the incredible power+speed that still exists in US tech htt…
This is probably the biggest fundraise in a 12 hour window. And all this to do right by our customers! Insanely proud of my @Rippling team. You gotta hear the inside stories of the battle scars from the last week. Come join us! https://techcrunch.com/...
.@parkerconrad is an absolute legend...getting a $500m term sheet in 12 hrs and signing by the end of the weekend, all to help customers make payroll https://techcrunch.com/...
Rippling raised $500 million at a $11.2 billion valuation, same as its last round, on Friday to help cover customer payroll. https://techcrunch.com/...
Very few companies can raise $500m over a weekend, let alone during a banking collapse. @ParkerConrad and the @Rippling team did just that, to first and foremost take care of the 400,000 employees that we needed to take care of payroll for (since our https://techcrunch.com/......…