It also values Rippling at $6.5 billion, making it more valuable than Zenefits ever was before it sold a controlling interest earlier this year to a private equity firm. The round brings Rippling’s total funding to $450 million. In fact, there are now so many lines of revenue that Rippling just closed on $250 million in fresh funding led by Sequoia Capital Global Equities and Global Growth, with participation from earlier backers Greenoaks, Kleiner Perkins, Founders Fund, Initialized, YC and Threshold Ventures. Within months of leaving Zenefits in 2016, he formed Rippling, a company originally focused on the process of onboarding employees but that has since come to manage all aspects of employee data, from payroll and benefits, to the apps employees use, to a device management platform that enables Rippling’s customers to retrieve, wipe clean and store employee computers when staffers part ways with a company. If Conrad wallowed in self-pity afterward, he didn’t do it long.

And Zenefits’s valuation was slashed in half, with more than 60% of the company’s employees laid off over numerous rounds afterward. The company was discovered to face compliance issues. Founded by entrepreneur Parker Conrad in 2013, the HR company Zenefits was quickly anointed one of the fast-growing companies in Silicon Valley, with a valuation that soared to $4.5 billion within three years.

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