Unpacking Rippling vs Deel: corporate espionage and a $16B plot twist
1Despite courtroom chaos, Rippling is still going full steam ahead. The HR tech startup at the center of an increasingly dramatic legal battle with rival Deel just raised a fresh $450 million (https://techcrunch.com/2025/05/09/rippling-raises-450m-at-a-16-8b-valuation-reveals-yc-is-a-customer/) in funding at a $16.8 billion valuation, and launched a new “Startup Stack” to woo early-stage companies—winning over Y Combinator as both an investor and a client.
The funding lands amid the company’s high-profile legal fight with Deel (https://techcrunch.com/2025/04/28/deel-officially-agrees/) , which Rippling accuses of movie-worthy corporate espionage, complete with secret crypto payments and decoy Slack channels. Deel has denied the claims and fired back with its own lawsuit, calling Rippling’s accusations a “distraction.”
Today on Equity (https://techcrunch.com/podcasts/equity/) , Mary Ann Azevedo and Charles Rollet are digging into the HR tech showdown from legal drama to IPO implications and global intrigue.
Listen to the full episode to hear more about:
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The alleged spy, Rippling’s evidence, and Deel’s denials
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YC’s involvement in Rippling’s latest project, and why the move is raising eyebrows
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The potential impact on IPOs for both companies
Equity is TechCrunch’s flagship podcast, produced by Theresa Loconsolo, and posts every Wednesday and Friday.
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