HR startup Rippling is in discussions to raise a valuation of $13.4 billion, up from $11.25 billion.

The round could total up to $870 million, including $670 million in secondary investments

Late stage HR technology Rippling startup is raising new capital. The company’s new round, which has not yet closed, will inject $200 million into Rippling with another $670 million worth of stock sold by existing shareholders, according to two people familiar with the deal.

This would be Rippling’s Series F, and could take its value to $13.4 billion on a post-money basis, up from $13.4 billion. Valuation: $11.25 billion It reached it when it last raised capital in a $500 million Series E just a year ago. A ripple has been raised Total $1.2 billion before this round.

A Rippling spokesperson was reached earlier today and declined to comment.

Riebling’s last round came during the Silicon Valley bank crisis, when Riebling’s funds were suddenly frozen. Parker Conrad, founder and CEO of Rippling, turned to Company

In this round, Founders Fund’s existing investor Napolean Ta is prepared to invest up to another $310 million, per a source familiar with the deal, which could be one of the largest checks Founders Fund has ever written for a single company round. It’s unclear how much of this cash is allocated to the new Series F shares and how much will be used to buy shares from other investors, since existing investor Coatue is already leading the round. There is participation from existing investor Greenoaks as well.

That Rippling has raised more capital in one year is no shock; The HRtech market for payroll and remote work management services is large and growing and includes a list of well-funded late-stage startups. Rippling competitor Gusto told TechCrunch about this receipt $500 million in trailing revenue last year, coupled with cash flow positivity. Earlier this year, Deel, which focuses on payroll for cross-border teams, He said It has reached $500 million in annual recurring revenue.

With Gusto it is worth about $9.5 billion per Crunchbase data,Del With a value of $12 billionfar More than $3 billion, and Rippling, which is now valued at $13.5 billion, there is a tremendous amount of venture capital and equity for founders and employees in HRtech today. New companies are emerging too. removefirst It recently raised $25 millionfor example, to continue working on a low-cost recruitment product that competes with many of the companies mentioned above.

Likewise, as the IPO market continues to slow, existing shareholders, whether employees or existing investors, are also looking to sell stakes in private companies to obtain liquidity. Large secondary transactions have become popular.