Ramp raised $150M at a $7.65B valuation

Ramp raised $150M at a $7.65B valuation

RampAn expense management startup has secured another significant round of funding, raising $150 million at a valuation of $7.65 billion. Co-led by Khosla Ventures & Founders Fund, the round saw participation from new investors Sequoia Capital, Greylock, and 8VC, along with existing backers Thrive Capital, General Catalyst, Sands Capital, D1 Capital, Lux Capital. , Iconiq Capital, Definition Capital, and Reverse Capital.

This infusion of capital, characterized as an extension of Ramp's Series D, brings its total equity financing since its launch in 2019 to $1.2 billion and debt funding to $700 million. . The latest round helps close the gap between $5.8 billion and its previous valuation. Its first peak was $8.1 billion in March 2022.

Despite not disclosing the latest revenue figures, Ramp has shown considerable growth, with its fastest-growing segment being bill payments. CEO Eric Gilliman noted that in the first quarter of 2024, Ramp's total purchase volume and revenue growth exceeded the same period in 2023, indicating continued momentum.

In particular, the investment by Khosla Ventures, led by Keith Rabois, marks a strategic alignment with Ramp's emphasis on artificial intelligence (AI) technologies. This focus on AI aims to automate processes, provide deeper insight into costs, and enhance decision-making capabilities, aligning with Khosla's initial investment in OpenAI.

With more than 25,000 diverse companies as customers, including venture-backed startups, farms, hospitals, and non-profits, Ramp plans to triple-decrease innovation and AI integration. Additionally, the funding will enable the acquisition to expand its procurement offering, building on previous acquisitions such as Venue and Cohere.io.

As Ramp continues its growth trajectory, the company's workforce has expanded to approximately 730 full-time employees, reflecting its commitment to innovation and customer service excellence in the expense management space. .

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