Rippling (Series F)

Using this investor memo, Rippling raised $200M in Series F financing in 2024 led by Coatue and signed agreements with investors to repurchase up to $590M of equity from current employees, former employees, and early investors. The round values the company at $13.5B compared to $11.25B when the company raised $500M a year prior in 2023. As of this funding, Rippling had raised a total of $1.4B from investors. Rippling first used an investor memo instead of a pitch deck when raising their $45M Series A led by Kleiner Perkins. The 2019 memo laid out their vision that businesses should have a single system for employee information across every department within the company. Five years later, that vision is alive and well in the companys Series F memo. Rippling has become an exemplar for compound startups, which go against the traditional VC adage that startups should focus on doing only one thing.