HR tech firm Rippling raises new funding at $16.8 billion valuation, no IPO plans

HR software startup Rippling said on Friday it raised $450 million in a Series G funding round, valuing the company at $16.8 billion, as it expands its workforce management products and focuses on growing revenue globally over profitability. Y Combinator, Elad Gil, Sands Capital, GIC and Goldman Sachs Growth, along with other existing investors, participated in the round. In addition to the primary financing, the San Francisco-based startup also plans to repurchase up to $200 million of equity from current and former employees through a tender offer.

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