People Center (DBA: Rippling) has just authorized a new Series D preferred stock which could increase the valuation to $11.49 billion if all Series D shares are issued. The HR and IT Employee Management System is previously backed by Y Combinator, Threshold Ventures, Initialized Capital, The Founders Fund, KPCB, Greenoaks, and Sequoia Global Equities to name a few. The most recent Series D round follows $279 million raised for Series C. The terms surrounding the Series D include pari passu liquidation preference with all other preferred, and conventional convertible meaning they will not participate with common stock if there are remaining proceeds. The most recent price per share is $42.1173, an up round from Series C at $25.49505.
Here is how they are currently tracking against the index: