Ramp, the innovative finance automation platform renowned for driving cost efficiencies in businesses, has unveiled a significant milestone with its successful acquisition of $300 million in a Series D funding round.
The achievement comes in light of the company’s remarkable revenue growth, swift gains in market share among small and medium-sized enterprises (SMEs), and a triumphant foray into the enterprise sector within the past year. The newly acquired capital is set to propel the company’s pioneering product development and expedite its expansion into related industries.
Meeting Financial Challenges in a Shifting Landscape
In today’s uncertain macroeconomic climate, enterprises of all scales and across diverse sectors are placing heightened emphasis on their financial bottom line. With the quest for contemporary financial tools that enhance operational efficiency and profitability gaining momentum, Ramp has witnessed a surge in demand for its expense management platform, as well as its ancillary offerings like accounts payable automation and procurement solutions. Eminent multinational and public corporations such as Anduril, Poshmark, and Virgin Voyages have recently embraced Ramp’s services to revolutionize their financial management strategies.
Endorsement from Industry Luminaries
Ken Chenault, Chairman and Managing Director of General Catalyst, and Former Chairman and CEO of American Express, expressed his endorsement: “We seek to collaborate with companies of lasting impact, and Ramp has distinguished itself as a disruptor that is reshaping its sector for the betterment of enterprises worldwide. We firmly believe that Ramp is emerging as a stalwart leader in the emerging finance automation category, setting novel standards encompassing transparency, value, efficiency, as well as tangible time and cost savings.”
Over the past quarter, Ramp has made significant strides in its commitment to innovation:
- Expansion into Procurement Software: The company introduced Ramp Plus, an upgraded paid version of its platform, marking its entry into the realm of procurement software.
- Intelligence Enhancement: Ramp Intelligence, powered by natural language processing, was launched. This tool generates actionable insights for finance teams, proactively identifying avenues for savings.
- Strategic Acquisition: The acquisition of Cohere.io, an AI-driven customer support platform, was announced, with Microsoft CEO Satya Nadella joining as an investor and advisor.
Shaping the Future of Business Finance
Eric Glyman, CEO of Ramp, emphasized the evolution of Ramp’s offerings to become an all-encompassing platform designed to optimize time and monetary resources for businesses. He noted, “Our mission revolves around aiding our clientele in building financially robust enterprises, and this funding injection will catalyze our endeavors to broaden the Ramp platform’s capabilities and better cater to our customers’ needs. At Ramp, our triumph is synonymous with our clients’ ability to conduct their operations with enhanced efficiency.”
Strong Backing for Future Endeavors
Renowned investment entities like Thrive Capital, Sands Capital, General Catalyst, and Founders Fund demonstrated their continued confidence in Ramp’s trajectory by participating in the financing round. Notably, this marked Thrive Capital’s fourth, Sands Capital’s first, General Catalyst’s second, and Founders Fund’s eighth investment in Ramp.
Embracing Growth Opportunities
As Ramp charts its course for expansion, the company anticipates substantial hiring across its various functions. Moreover, the company remains attuned to promising partnerships and acquisitions that align with its growth objectives and customer needs. In the near future, Ramp Plus, the paid edition of the platform, will be made accessible to all users.
Ramp, a trailblazing finance automation platform, has secured $300 million in Series D funding, driven by impressive revenue growth, expanding market share, and successful enterprise expansion. The investment will accelerate product development and industry diversification. Amid economic uncertainty, businesses are turning to Ramp’s efficient finance solutions. Eminent corporations like Anduril and Poshmark have adopted Ramp’s services. Industry leaders praise Ramp’s transformative impact. Recent innovations include Ramp Plus for procurement, Ramp Intelligence for insights, and the acquisition of Cohere.io. CEO Eric Glyman envisions enhanced platform capabilities. Esteemed investors like Thrive Capital and General Catalyst participate. Ramp’s solutions have saved over $600 million and 8.5 million hours. Expansion plans and partnerships are on the horizon, with Ramp Plus set for release.
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