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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesIn April 2024, Rippling was reportedly discussing a Series F that could value the HR and payroll technology company at $13.4 billion, up from the $11.25 billion valuation it announced with its Series E in 2023. Those April terms were reported proposals, not a completed financing. Rippling announced a $13.5 billion Series F valuation in September 2024; TechCrunch later reported different details for the round’s secondary share sale.
What was Rippling’s $13.4 billion valuation round?
On April 16, 2024, TechCrunch reported that Rippling was discussing a Series F at a potential post-money valuation of up to $13.4 billion. The report, citing people familiar with the deal, described $200 million in new primary financing for the company and $670 million in proposed secondary share sales by existing stockholders. Rippling declined to comment, according to the report. TechCrunch’s April 2024 report
A post-money valuation is the stated value of a company after a financing is accounted for. The distinction between the two reported sources of money matters: primary financing goes to the company, while secondary sales let existing shareholders sell shares and receive proceeds themselves. The $670 million figure was reported as proposed secondary activity, not as new capital raised by Rippling.
Did Rippling actually raise at $13.4 billion?
Not at the exact figure in the April report, based on the later public accounts. On September 5, 2024, Rippling announced that its Series F financing valued the company at $13.5 billion. The company’s announcement did not state the secondary-sale amount. Rippling’s Series F announcement
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In May 2025, TechCrunch described the Series F as $200 million in primary financing plus a $590 million tender offer. That retrospective figure differs from the $670 million in secondary shares described in the April 2024 report. The available accounts do not establish why the amounts differ or the final allocation, so they should be treated as separate source-specific figures rather than combined. TechCrunch’s May 2025 account
How did the reported discussion compare with Rippling’s other rounds?
| Financing | Primary capital | Secondary or tender activity | Stated valuation | Status and source |
|---|---|---|---|---|
| Series E, March 2023 | $500 million | Not stated in the company announcement | $11.25 billion | Announced by Rippling. Company announcement |
| Proposed Series F, April 2024 | $200 million | $670 million in proposed secondary share sales | Up to $13.4 billion post-money | Reported by TechCrunch, citing people familiar with the deal; Rippling declined to comment. April 2024 report |
| Series F, September 2024 | $200 million, as described retrospectively by TechCrunch | $590 million tender offer, as described retrospectively by TechCrunch | $13.5 billion | Valuation announced by Rippling; financing components later reported by TechCrunch. Rippling announcement and TechCrunch account |
| Series G, May 2025 | $450 million | Not stated in TechCrunch’s report | $16.8 billion | Reported by TechCrunch. May 2025 report |
The company announced the Series E at $11.25 billion in March 2023. Compared with that baseline, the April 2024 proposed valuation was $2.15 billion higher, or about 19.1%. Rippling later announced a $13.5 billion Series F valuation, $2.25 billion—or 20%—above the Series E figure. These are comparisons of stated financing valuations, not measures of revenue, profit, or an independently audited change in business performance.
What does the later Series G mean for the $13.4 billion figure?
TechCrunch reported in May 2025 that Rippling raised $450 million in Series G at a $16.8 billion valuation. That makes the $13.4 billion figure a historical proposed valuation from April 2024, not the latest valuation reported in the sources cited here. The Series G valuation was reported by TechCrunch; the source set does not establish Rippling’s valuation after that financing.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the valuation does—and does not—tell you
A private-company valuation attached to a financing is a negotiated deal figure, not a price at which every share can necessarily be sold. The reported primary and secondary components also answer different questions: the primary amount indicates new financing to the business, while a tender offer or secondary share sale concerns liquidity for existing holders. None of the cited financing accounts provides an independently audited financial-performance figure, so the valuation alone cannot show whether Rippling’s revenue, earnings, or cash flow rose in proportion.
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