Parker Conrad’s Rippling Hits $11.25 Billion Valuation As Former Zenefits CEO Rebounds With HR Software

arker Conrad is fully back.

“It’s always fun as an entrepreneur to get these moments of validation,” Conrad says in a video call withWe first wrote about Rippling two years ago as part of the 2020 Forbes Next Billion-Dollar Startups list. Conrad, the fallen tech unicorn CEO behind Zenefits, waswhich aims to make human resources easier with software. With the new raise Rippling is worth two and a-half times the $4.5 billion that Zenefits was worth at its peak.

“Early on at Rippling, there were a lot of moments that we would talk with customers and they would get spooked because of Zenefits,” Conrad says. “I always thought that we’re just going to have to build a product that is that much more compelling in order to bring people in….We’re going to have to be twice as good to try to overcome that, and at a certain point those concerns will start to melt away and it will be a huge accelerant for the company.

While Rippling started out selling to small and mid-sized businesses, in the past six months it has begun to bump up against HR and finance giant Workday in selling to large enterprises, according to Kleiner Perkins general partner Mamoon Hamid. Rippling's net revenue retention is close to 200%, Hamid says, meaning that for every $1 of revenue earned today, the company makes nearly $2 next year as customers pay to use more of its products.

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