In its recent funding round, US spend management fintech Ramp has successfully raised $150 million as part of its Series D-2, marking a significant increase in valuation to $7.65 billion.
Founders Fund and Khosla Ventures co-led the funding, joined by new investors such as Greylock, Sequoia Capital, and 8VC. Existing investors like Contrary Capital, Definition Capital, D1 Capital Partners, Iconiq Capital, Thrive Capital, General Catalyst, Sands Capital, Lux Capital, and others also participated in the Series D-2.
The fresh investment, in addition to the $300 million raised during its Series D round in August 2023 at a valuation of $5.8 billion, is earmarked for intensive product development initiatives, according to Ramp.
Established in 2019 and headquartered in New York, Ramp specializes in providing businesses with a comprehensive finance automation platform. This platform integrates corporate cards, bill payments, accounting automation, expense and vendor management, among other services.
With a strategic focus on leveraging AI capabilities, Ramp intends to enhance its offerings to facilitate better decision-making, streamline processes, and provide deeper insights into expenditure, courtesy of the new funds.
Eric Glyman, Ramp’s co-founder and CEO, highlighted the company’s significant strides in product innovation, having introduced over 150 new advancements in 2023 alone. These innovations span various sectors including procurement, productivity software, and spend management upgrades.
Furthermore, Ramp has been active in mergers and acquisitions in 2024, broadening its range of procurement products through the acquisition of US-based startup Venue in February.
Source: fintechfutures.com
