A $500 million term sheet in 12 hours: How Rippling struck a deal as SVB was melting down

As a serial entrepreneur who has famously endured some ups and downs, Parker Conrad thought he’d seen it all. Still, he never imagined that there would be a run on Silicon Valley Bank that would upend Rippling, his six-year-old workforce management company, a run so severe that Rippling would liquidate $130 million in money market funds that its customers needed for their payrolls.
He also didn’t imagine that in the span of 12 hours, Rippling would be able to secure $500 million in fresh funding to protect his company in the event that the markets spiraled even more out of control.