Ramp Closes $1.85 Billion Round at $60 Billion Valuation as Revenue and AI Push Accelerate
Ramp Closes $1.85 Billion Round at $60 Billion Valuation as Revenue and AI Push Accelerate #
Ramp, the corporate spend-management and financial operations platform, has raised $1.85 billion in a new primary financing round that values the New York-based startup at $60 billion, a 36% increase from the $44 billion valuation it carried four months ago.
Dragoneer Investment Group led the round, with Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth as co-leads. Additional investors include Fidelity Management & Research Company, T. Rowe Price, GIC, D1 Capital Partners, Greenoaks, ICONIQ, Ontario Teachers’ Pension Plan, Coatue, D.E. Shaw, General Catalyst, and Generation Investment Management, among others. The new capital brings Ramp’s total equity financing to approximately $5 billion since its 2019 founding.
The round follows a $750 million raise Ramp closed in June at a $44 billion valuation, making it the company’s second major fundraise in six months. Both rounds reflect investor demand for AI-enabled financial tools as enterprises seek to manage rising software and AI infrastructure costs.
Ramp said its annualized revenue has crossed $2 billion, up from a reported $1.5 billion in June, with revenue growth running 25% faster than at the same point last year. The company said it is generating positive cash flow. More than 85,000 companies use the platform to manage over $275 billion in annualized purchase volume, a 175% increase year over year. The median Ramp customer saves 7.5% on spending, up from 5% twelve months ago, and completes transactions with 22% less manual work, according to the company. The number of customers generating more than $100,000 in annual revenue rose 113% year over year.
Christian Jensen, Partner at Dragoneer, said in the announcement that Ramp had built “a deep, durable moat” and was “well on its way to becoming one of the defining companies of this era.”
Ramp plans to use the capital to expand its AI capabilities, combining financial controls and AI agent management tools in a single platform so businesses can track the output and cost of AI workloads alongside conventional spending. Co-CEO Eric Glyman has said that as AI becomes a larger line item on corporate budgets, a unified system managing spend across people, software, and AI tokens becomes more valuable.
At $60 billion, Ramp ranks among the most valuable private fintech companies globally.
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