▼ Summary
– Ramp raised $200 million in a Series E round led by Founders Fund, reaching a $16 billion post-money valuation.
– The new valuation marks a $3 billion increase from its $13 billion valuation in March 2024 after a secondary share sale.
– Ramp’s current valuation is more than double its $7.65 billion valuation from a year ago when it raised $150 million.
– CEO Eric Glyman declined to share revenue details but noted “incredible growth” since surpassing $300 million in annualized revenue in 2023.
– The funding round included participation from existing investors like Thrive Capital, General Catalyst, and Khosla Ventures, among others.
Ramp’s valuation has skyrocketed to $16 billion following its latest funding round, marking an impressive $3 billion jump in just three months. The spend management platform secured $200 million in Series E financing led by Founders Fund, solidifying its position as one of the fastest-growing fintech companies.
This latest valuation dwarfs the $13 billion figure announced in March, when Ramp completed a $150 million secondary share sale. The company’s growth trajectory is staggering, more than doubling its $7.65 billion valuation from just over a year ago. While CEO Eric Glyman hasn’t disclosed exact revenue numbers, he previously highlighted “incredible growth,” with annualized revenue surpassing $300 million in mid-2023.
The funding round saw strong participation from existing backers, including Thrive Capital, D1 Capital Partners, and General Catalyst. Other notable investors like GIC, Khosla Ventures, and Lux Capital also contributed, signaling continued confidence in Ramp’s expansion. The rapid valuation surge underscores the company’s dominance in corporate spend management, a sector gaining traction as businesses prioritize financial efficiency. With this fresh capital, Ramp is well-positioned to accelerate product development and market penetration.
(Source: TechCrunch)
