Ramp Soars to $16B Valuation with $200M Series E Funding Round: A Leading Player in Spend Management Space
San Francisco, California - October 19, 2022 - Ramp, a spend management startup, has announced a $200 million Series E funding round, led by its largest investor Founders Fund. This brings the company's post-money valuation to a staggering $16 billion, a $3 billion increase over the $13 billion valuation announced just a few months ago in March following a $150 million secondary share sale.
The current valuation is more than double the $7.65 billion post-money valuation Ramp achieved a little over a year ago when it raised $150 million. CEO Eric Glyman has remained tight-lipped about revenue figures, although in March he hinted at "incredible growth" over previous figures. In the summer of 2023, he revealed that Ramp had surpassed $300 million in annualized revenue.
Other VCs participating in the Series E round include Thrive Capital, D1 Capital Partners, General Catalyst, GIC, ICONIQ Growth, Khosla Ventures, Sands Capital, 8VC, Lux Capital, Stripes, 137 Ventures, Avenir Growth, and Definition Capital.
The funding will be used to further accelerate Ramp's growth and expand its product offerings, as well as to continue its mission of making financial management easier for businesses of all sizes. With this latest round of funding, Ramp is poised to continue its impressive growth trajectory and solidify its position as a leading player in the spend management space.
The image accompanying this article is a photograph of Eric Glyman, Co-founder & CEO of Ramp, speaking onstage during TechCrunch Disrupt 2022 in San Francisco, California. The image is courtesy of Kelly Sullivan/Getty Images for TechCrunch.
