August 22, 2023

Ramp announces $300 million in new funding to accelerate expansion, hiring, and product roadmap

Spending made smarter
Easy-to-use cards, spend limits, approval flows, vendor payments —plus an average savings of 3.5%.
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Webinar: Intro to Ramp Plus
Sept. 28th, 1 PM ET/ 10 AM PT

I’m excited to share that Ramp has raised $300 million at a $5.8 billion post-money valuation. We’re thrilled with this update, and I want to share why. We decided to raise additional capital for one reason: to create more value faster for our customers. Ramp has never been in a stronger position to provide value to finance teams and those seeking to build better businesses, and we’re excited to increase our pace.

At Ramp, we’re extremely fortunate to serve over 15,000 companies. These organizations trust us because they know everything we do is focused on making them more successful by helping them save time and money. This means investing in a world-class team that obsesses over delivering exceptional products and customer service. More capital gives us the flexibility to continue investing behind this with a focus on continued customer value creation. Naturally, there is a lot of interest in valuation and details. While today’s valuation is lower than our peak in late 2021, given the broader startup market valuation reset and increased cost of capital, we know it reflects exceptional performance by our team and support from our customers. We care deeply about delivering our investors a similarly exceptional return over the long run, but we are not interested in the short-term ups and downs of the broader market. 

We are focused on what we can do for our customers with incremental capital. Since our last raise, we’ve expanded into advanced spend management software, procurement, travel, accounts payable, working capital, global coverage, intelligence, and shipped hundreds of new features and improvements that help businesses work more efficiently and effectively. We’re serving ~5x the number of companies we were at the time of our last raise, from small businesses to some of the world’s largest and highest performing companies. With this new round we are positioned to deliver even more in the coming years. 

We can see that across our ecosystem, this approach is resonating:

  1. Our customers: Transaction volume has increased by over 6x since our last fundraise in December 2021. We are the highest rated spend management platform in the U.S., and our most successful marketing channel remains word of mouth.

  2. Our value: We’ve saved our customers over $600 million and 8.5 million hours, and the average customer spends 3.5% less after adopting Ramp.

  3. Our investors: We’re deepening partnerships with long-time investors, many of whom have been with us since inception, and welcoming new ones. We appreciate the confidence from those who have supported us for years and are honored to expand our partnership with Thrive Capital, General Catalyst and Ken Chenault, the former CEO of American Express, Founders Fund, Lux Capital, Definition Capital, and Sands Capital.
  4. Our team: Nothing gives me more confidence in the direction we’re going than the hard work the Ramp team puts in every day. To all my fellow team members, I am inspired daily by your earnest work ethic, commitment to velocity and quality, and dedication towards helping our customers become more profitable versions of themselves.

So what’s next? 

Our roadmap is ambitious and we're excited to accelerate it. For too long, the financial services category has been focused on its own interests instead of solving real customer pain points. We’re flipping that script on its head, as Ken observed:

We’re working tirelessly against our vision to make your company more financially efficient and effective and are excited to share more soon about the latest innovations. 

If you manage a business and want to save money and time like Anduril, Eventbrite and 15,000 other businesses, try Ramp for free and see how the ultimate finance platform can help you. 

And if you are someone who may want to join one of America’s fastest growing companies and help us better achieve our mission, please visit our careers page—we are just getting started.

Co-founder & CEO, Ramp

Eric is the co-founder and CEO of Ramp. He previously co-founded Paribus, a digital tool that automates price protection and shipping guarantees at online retailers (acq. in 2016 by Capital One). Eric is an active New York-based angel investor. He graduated from Harvard with a BA in Economics and East Asian Studies, and was raised in Las Vegas.

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