HR and payment software startup Rippling said on Friday it has raised $500 million in a new funding round initially intended to help customers make payroll in the immediate aftermath of Silicon Valley Bank's collapse.
The round, led by technology investor Greenoaks Capital, gave Rippling the same valuation of $11.25 billion it had clinched after its previous capital raise last year, the company said.
Unclear if customers' funds would be recovered by Monday, Conrad started to seek more capital from investors, whose funds were also partly stuck with SVB. "We were intending to raise money either later this year or early next year. We pulled it forward about a year and it's going to buy down any risk that we have around what happens with SVB on Monday. It's a small amount of dilution for the company," said Conrad.
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