Ramp secures $150m in Series D-2 funding round at $7.65bn valuation
US spend management fintech Ramp has raised $150 million in a Series D-2 funding round at an increased valuation of $7.65 billion.
Ramp raises $150 million in fresh funding
The funding round was co-led by Founders Fund and Khosla Ventures with additional backing from new investors Greylock, Sequoia Capital, and 8VC.
Additionally, the Series D-2 also featured participation from Ramp’s existing investors, including Contrary Capital, Definition Capital, D1 Capital Partners, Iconiq Capital, Thrive Capital, General Catalyst, Sands Capital, Lux Capital, and more.
The fintech says the new investment, which adds to the $300 million it raised in its Series D round in August 2023 at a valuation of $5.8 billion, will be used to “triple down” on further product development.
Founded in 2019 and headquartered in New York, Ramp provides a finance automation platform for businesses that combines corporate cards, bill payments, accounting automation, expense and vendor management, and more.
In particular, Ramp is keen to utilise its new funds to elevate its offerings by harnessing AI capabilities, with the aim to create products that enhance decision-making, automate more processes, and offer more comprehensive insights into expenditure.
Announcing the raise on the company website, Eric Glyman, co-founder and CEO of Ramp, claims the firm launched over 150 new product innovations during 2023. These advancements span areas including procurement, productivity software, and spend management upgrades.
In 2024, Ramp has also been active on the M&A front, with the fintech expanding its range of procurement products through the acquisition of US-based start-up Venue in February.
