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HR software startup Rippling said on Monday it was valued at $13.5 billion after raising $200 million in its latest funding round.
The round was led by tech investment firm Coatue with participation from Peter Thiel's Founders Fund, Greenoaks, and other existing investors. Dragoneer joined the round as a new investor, Rippling said.
Its previous fundraise in March last year gave Rippling a valuation of $11.25 billion.
The company also agreed to repurchase up to $590 million of equity from current employees, former employees and early investors in a tender offer.
Led by entrepreneur Parker Conrad, Rippling offers a workforce management platform that combines human resources, information technology and finance, helping companies like Apple , Amazon and Salesforce manage their operations.
Based in San Francisco, California, the company has offices in India, Ireland, the United Kingdom and Australia. It plans to expand in other markets, invest in research and development and build new products to support clients.
Growing expectations of interest rate cuts and the rise of artificial intelligence (AI) are helping drive a rebound in capital raisings in the tech sector after a more than year-long dry spell.
The sector also accounted for the largest share of mergers and acquisitions during the first quarter, jumping more than 42% year-on-year to about $154 billion, according to Dealogic.
Earlier this month, tech-focused finance and accounting operations platform FloQast said it raised $100 million in a funding round that valued it at $1.6 billion.
