Ramp Secures $300 Million to Expand Finance Automation Platform
Ramp, a finance automation platform, has successfully raised $300 million in a Series D funding round, boosting its post-money valuation to $5.8 billion. This substantial capital injection follows robust revenue growth, an expanding market share among small and mid-sized businesses, and successful entry into the enterprise sector. The funding will be channeled into further accelerating product development and venturing into complementary categories.
Amidst economic uncertainties, businesses are increasingly focused on optimizing their financial performance. Ramp has experienced surging demand for its spend management platform, accounts payable automation, and procurement solutions. Major multinational and public companies like Anduril, Poshmark, and Virgin Voyages have recently adopted Ramp to modernize their spend management practices.
Ramp’s comprehensive finance automation platform, which combines spend management, accounts payable, vendor management, price intelligence, and procurement, has saved customers over $600 million and more than 8.5 million employee hours. It’s the only company in its category to gauge success by the time and money saved for its customers.
Over the past year, Ramp has introduced several enhancements, including the introduction of Ramp Plus, a paid edition of its platform for procurement software. Additionally, they launched Ramp Intelligence, utilizing natural language to generate insights for finance teams and unearth potential cost-saving opportunities. Furthermore, the acquisition of Cohere.io, an AI-powered customer support platform, and involvement from Microsoft CEO Satya Nadella as an investor and advisor have reinforced Ramp’s expansion efforts.
As Ramp continues its journey, they’re gearing up to hire across all areas to support their growing customer base. They’re also keeping an eye out for promising partnerships and acquisitions to better cater to their customers’ needs. And here’s a heads up – in September 2023, Ramp Plus will become accessible to all customers, offering even more value.
The recent funding round saw the participation of investors like General Catalyst, Thrive Capital, Sands Capital, Founders Fund, and others. It’s clear that Ramp is on a mission to redefine finance automation, putting a strong emphasis on transparency, value, efficiency, and, most importantly, helping businesses save both time and money. Exciting times ahead!
