Earlier this week, Parker Conrad, CEO and cofounder of hot startup Rippling, announced that the company had raised $143 million in a Series B round led by Founders Fund. Notably, Rippling competes with Zenefits — the human resources startup that Conrad founded, but then left suddenly four years ago amid allegations that he misled investors.
That's what he sought out to do at Zenefits, the fast-growing cloud platform he cofounded and led as CEO, before being suddenly and unceremoniously leaving the companythat he misled investors and violated SEC rules, and a scandal over the company's compliance with insurance regulatory standards. This was underscored this week when Rippling announced that it has raised $143 million in a Series B round led by Founders Fund, boosting the startup's total investments to $197 million at an estimated valuation of $1.35 billion.
"Prasanna and I started Rippling four years ago because we felt we'd discovered a secret hidden in plain sight," he said in aannouncing the funding. "We'd both previously led startups that drowned in back office busywork, and we believed the source of nearly all of it was the need to manually update employee information in dozens of different business systems every time someone joins a company, gets a raise, or needs access to a new app.
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