Rippling CEO Parker Conrad. Photo credit: JD Lasica on Flickr, under Creative Commons license

Rippling, a human resources software startup, has announced it’s raised $145 million in Series B funding led by venture capital firm Founders Fund, with participation from the likes of Coatue Management, Greenoaks Capital, Kleiner Perkins, Initialized Capital, Bedrock Capital, and Y Combinator. According to reports, the Series B financing values Rippling at $1.35 billion, a nearly five-fold increase from its most previous valuation of $295 million.

With the new funding, Rippling has now raised a total of about $210 million in known funding since its inception. Headquartered in San Francisco, Rippling develops software that helps businesses to manage their human resources functions. The company was founded by Parker Conrad, an entrepreneur also famously known for founding Zenefits, also a human resources software company. Zenefits was once a high-flying startup, with a valuation as high as $4.5 billion, before several scandals seemingly clipped the company’s wings. Zenefits had been subject to regulatory investigations for disobeying insurance laws and was fined to the tune of $7 million by California’s insurance regulator in 2016, followed by layoffs and apparent turmoil for the company, which seems to have, however, stabilized as of late.

After being clipped, Conrad seems to be aiming for the skies once again with Rippling, which he founded after stepping down from Zenefits under regulatory pressure. He founded Rippling in 2016, the same year he stepped down from Zenefits.