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☆ Rippling CEO Parker Conrad dishes on why the startup is sitting on a massive $750 million war chest
  + stars: | 2024-02-14 | by ( Melia Russell | ) www.businessinsider.com   time to read: +6 min
This story is available exclusively to Business Insider subscribers. To this day, Rippling hasn't touched the money it raised in that emergency package, Conrad told Business Insider. Rippling will invest hundreds of millions of dollars from the balance sheet into research and development this year, according to CEO Parker Conrad. Parker Conrad says Rippling hasn't touched any of the venture capital it raised over the last two rounds. Shepherding the startup through this next growth phase is new chief product officer Eisar Lipkovitz, Rippling told Business Insider exclusively.
Persons: Parker Conrad, Conrad, Rippling hasn't, Kleiner Perkins, Rippling, Amy Osborne, Mamoon Hamid, they've, TechCrunch, Eisar Lipkovitz, Lipkovitz, Deel, Melia Russell Organizations: Business, paychecks, Bedrock, Washington Post, JPMorgan, Google Locations: Silicon, San Francisco, Asia, Lyft, Rippling
☆ HR startup Rippling raises $500 mln in fresh funding after SVB collapse
  + stars: | 2023-03-17 | by ( Krystal Hu Niket Nishant | Krystal Hu | Niket Nishant | ) www.reuters.com   time to read: +3 min
March 17 (Reuters) - HR and payment software startup Rippling said on Friday it has raised $500 million in a new funding round initially intended to help customers make payroll in the immediate aftermath of Silicon Valley Bank's collapse. The round, led by technology investor Greenoaks Capital, gave Rippling the same valuation of $11.25 billion it had clinched after its previous capital raise last year, the company said. Unclear if customers' funds would be recovered by Monday, Conrad started to seek more capital from investors, whose funds were also partly stuck with SVB. Growth equity firm Greenoaks was one of Rippling's investors that have funds available to wire on Monday. Rippling offers services to businesses to manage their human resource and information technology operations such as employees' onboarding and payroll management.
☆ The tech industry avoided an ‘extinction-level event,’ but it’s not unscathed
  + stars: | 2023-03-13 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +7 min
CNN —For much of the weekend, Silicon Valley scrambled to find a way through what one prominent tech investor described as an “extinction-level event for startups” after the collapse of a top lender in the industry. “You can feel the collective *sigh*,” Ryan Hoover, a tech founder and investor wrote on Twitter Sunday. SVB’s collapse also risks changing how the world, and prospective recruits, think of Silicon Valley. The bank worked with nearly half of all venture-backed tech and healthcare companies in the United States. President Joe Biden emphasized in remarks Monday that “no losses will be borne by the taxpayers” related to the government’s intervention for Silicon Valley Bank.
☆ SVB shut down sends shockwaves through Silicon Valley
  + stars: | 2023-03-10 | by ( Greg Bensinger Anna Tong Krystal Hu Jeffrey Dastin | Greg Bensinger | Anna Tong | ) www.reuters.com   time to read: +4 min
March 10 (Reuters) - The sudden collapse of Silicon Valley Bank on Friday sent shockwaves through the startup community, which has come to view the lender as a source of reliable capital, particularly for some of tech’s biggest moonshots. It has had financial relationships with a who’s who of Silicon Valley firms over the years, including Snapchat's parent Snap Inc (SNAP.N)Snap declined to comment. A Silicon Valley Bank spokeswoman didn't immediately respond to a request for comment sent Friday. Uncertainty swept through Silicon Valley as startup founders and venture capital firms worried they could, among other things, fail to make payroll. As of Friday, FarmboxRx’s funds were still tied up with Silicon Valley Bank.
☆ Companies scramble to meet payroll, pay bills after SVB's swift failure
  + stars: | 2023-03-10 | by ( Ari Levy | ) www.cnbc.com   time to read: +7 min
In this article SIVB Follow your favorite stocks CREATE FREE ACCOUNTEmployees stand outside of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. They'll receive a dividend within a week covering an undetermined amount of their money and a "receivership certificate for the remaining amount of their uninsured funds." Clients with uninsured funds — anything over $250,000 — don't know what to do. Gilbert said he's advising portfolio companies individually, instead of sending out a mass email, because every situation is different. "I got emails saying saying don't send money to SVB, and if you have let us know," Gilbert said.
☆ Silicon Valley Bank collapse sends tech industry into a panic
  + stars: | 2023-03-10 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +5 min
Following the bank’s collapse on Friday, uncertainty in the startup community only grew. Founders Fund, an influential venture capital firm founded by billionaire Peter Thiel, reportedly advised its portfolio companies to pull money from the bank. “SVB is the most important capital provider to tech startups and the biggest supporter of the community,” he said in a tweet. “Now is the time to support them.”The rapidly unfolding fallout at Silicon Valley Bank comes at a challenging moment for the tech industry. Now, the bank’s collapse risks compounding the industry’s cash crunch and broader turbulence.
☆ Startups that use Silicon Valley Bank are freaking out over whether they'll make next week's payroll: 'Our money is gone'
  + stars: | 2023-03-10 | by ( Samantha Stokes | Stephanie Palazzolo | April Joyner | ) www.businessinsider.com   time to read: +5 min
Silicon Valley Bank was shut down by regulators on Friday. The news has made startup founders worried that they won't be able to pay their employees next week. Startup founders still reeling from Silicon Valley Bank's implosion have something new to stress about: whether they'll be able to access enough money to cut employee paychecks next week. "Lots of startups are missing payroll in 2-4 weeks if a) Silicon Valley Bank doesn't have the deposits b) SVB doesn't get sold or c) SVB isn't rescued." "If you're a startup founder dealing with this, I'm here to help any way I can," Ayush Sharma, founder and CEO of payroll and compliance startup Warp, tweeted.
☆ Silicon Valley investors and founders express shock over SVB's collapse, describe struggles to get money out
  + stars: | 2023-03-10 | by ( Jonathan Vanian Ashley Capoot Jordan Novet Annie Palmer | Jonathan Vanian | Ashley Capoot | ) www.cnbc.com   time to read: +9 min
Nikolas Kokovlis | Nurphoto | Getty ImagesVenture capitalists and technology executives are scrambling to make sense and account for the potential repercussions of the sudden implosion of Silicon Valley Bank on Friday. The Federal Deposit Insurance Corp. said Friday that U.S. federal regulators shut down Silicon Valley Bank , the premiere financial institution for Silicon Valley tech startups for the past 40 years. On Friday, Yang returned to the Silicon Valley Bank branch 15 minutes before it opened to remove the remaining money. One person showed a tweet on their phone suggesting that bank employees had been instructed not to come to work. Watch: CEO's react to the closure of Silicon Valley Bank
☆ How the cloud-software startup Gusto won over investors and small businesses by breaking away from the pack
  + stars: | 2022-09-22 | by ( Melia Russell | ) www.businessinsider.com   time to read: +7 min
Still, tools for small businesses is a huge market — one that a tech industry that has focused on the more lucrative enterprise market has largely ignored. According to the Small Business Administration, there are 32 million small businesses in the US employing about 61 million people, nearly half of the country's private workforce. As companies grow and chase larger enterprises as customers, they lose sight of the discrete needs of small businesses, she said. The startup hopped on pandemic-era workplace trends, adding products for small businesses to apply for government loans and for employees to access their wages between paychecks. GustoGusto has ruthlessly prioritized areas like payroll and tax-filing that small businesses need to run.
☆ Why the leaders of an HR tech startup bet on founders recovering from past business challenges
  + stars: | 2021-02-22 | by ( May Teng | ) www.businessinsider.com   time to read: +5 min
More than 32 employees at HR tech company Rippling are failed founders. The startup has hired 32 former startup founders and has around 300 employees. In fact, Sharma said, there are plenty of companies who value failed founders for their grit and drive. Building a recruiting strategy around failed foundersSankar and Sharma know firsthand that failed founders can make for great leaders. "The fact that all of us have been failed founders means we come with strong opinions.
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