Investors React to Rippling vs. Deel; Susa's $175 Million Seed Fund

For Silicon Valley venture capitalists dealing with overpriced bets made during the low-interest rate period, Rippling and Deel have been bright spots. The San Francisco HR rivals passed new revenue milestones and minted higher valuations—great news for investors who poured a combined $2 billion into both startups. By some measures, Deel’s investors have had the most to crow about. 

Deel, the six-year-old startup valued at $12.6 billion in February, passed $800 million in annualized revenue late last year and says it’s been profitable for two years. Nine-year-old Rippling, valued at $13.5 billion last year, recently hit roughly $570 million in annualized revenue, according to a person who has spoken to the company. As of September, it was projecting to burn $150 million in cash for the full year. Rippling declined to comment.