Ramp – a platform for modern finance teams, from spend management and expense management software to bill payments and vendor management, announced it had completed a $150 million Series D-2 funding round, raising the company’s valuation to $7.65 billion. This funding round was co-led by Khosla Ventures and Founders Fund, with additional new investors Sequoia Capital, Greylock, and 8VC. The company’s existing investors, Thrive Capital, General Catalyst, Sands Capital, D1 Capital Partners, Lux Capital, ICONIQ Growth, Definition Capital, Contrary Capital, and more are also doubling down.
Ramp started only five years ago as a better corporate card—designed to help companies spend less, not more—and that remains true. The core mission is unchanged: to save time and money for customers to help them build more successful and profitable businesses. However, the company’s capabilities have expanded dramatically.
Ramp has been hard at work building a complete command-and-control system for company finances that lets you issue cards, manage approvals, track and analyze spending, procure software and services, make payments of all kinds, and even automate closing your books—all in one place.
Tens of thousands of finance teams are now using Ramp to simplify their financial operations to be more intuitive, efficient, and profitable. This new funding round will enable the company to triple down on the next innovation wave to deliver more value for customers. And this includes using AI capabilities to automate cumbersome processes, provide deeper insights into spending, enhance decision-making capabilities, and more.
In Q1 2024, Ramp’s growth accelerated, with total purchase volume and revenue increasing faster quarter over quarter than it did over the same period last year.
KEY QUOTES:
“As Al matures and powers more enterprise applications, Ramp is strongly positioned to lead in the application layer. Ramp has the talent, momentum, and deep integration with customers required to completely reimagine how businesses across the world run their finance functions.”
- Vinod Khosla, Founder of Khosla Ventures
“The opportunity at the intersection of Al and finance is enormous. There’s no one better positioned to act on that opportunity than Ramp. This team executes at a level you rarely see, even among the best technology companies.”
- Peter Thiel, GP and CEO of Founders Fund
“Before Ramp it was a process from the dark ages. We had people just doing expenses full time, it was miserable, there was no integration, everything was manual.”
- Michael Litwin, VP Controller at Virgin Voyages
