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The funds will propel product development and expedite expansion into related categories.
Ramp, a finance automation platform headquartered in New York, has secured US$300 million in a Series D funding round. This achievement underscores its robust revenue growth and expanded market share, particularly among small to mid-sized businesses, and its recent foray into the enterprise segment. The funding will enable the company to continue its rapid product development and move quickly into adjacent categories.
This investment round was co-led by Thrive Capital and Sands Capital, with participation from General Catalyst, Founders Fund and other existing investors. Notably, Thrive Capital marks its fourth investment in Ramp, while Sands Capital, General Catalyst and Founders Fund have contributed for their first, second and eighth times, respectively.
Modern financial tools: Ramp’s suite meets business demand in current economy
In the current economic climate, there’s a heightened focus by businesses on optimizing their financial health. Ramp’s offerings, which include a spend management platform and tools like accounts payable automation and procurement, have garnered increased interest. Prestigious firms, including Anduril, Poshmark and Virgin Voyages, are among the latest to integrate Ramp into their financial operations.
Ken Chenault, the Chairman and Managing Director of General Catalyst and previously associated with American Express, emphasized that Ramp is carving a niche for itself in the finance automation sector. He highlighted its dedication to transparency, efficiency and demonstrable cost and time savings for its clients.
Kareem Zaki of Thrive Capital accentuated Ramp’s influence on CFOs by providing them with real-time, transaction-level insights, thus revolutionizing their approach to business management. This, in turn, is causing larger entities to gravitate towards Ramp’s services.
Barron Martin from Sands Capital lauded Ramp’s customer-centric approach, product development speed and execution prowess as a winning formula for sustained growth.
Quantifying its impact, Ramp boasts of unlocking savings upwards of US$600 million while conserving approximately 8.5 million workforce hours. Setting itself apart, Ramp’s metric for success is uniquely rooted in the tangible savings it facilitates for its clients.
Ramp’s recent initiatives
In the past three months, Ramp has launched new offerings, including “Ramp Plus”, a paid edition of its platform in the procurement software realm, and “Ramp Intelligence”, which employs natural language processing to discern financial insights and pinpoint saving potentials. The company also acquired AI-driven customer support platform Cohere.io, accompanied by Microsoft CEO Satya Nadella’s entry as an investor and advisor.
Eric Glyman, the CEO of Ramp, stressed the platform’s uniqueness in focusing on both time and monetary savings for businesses. The additional funding, he notes, will be instrumental in broadening Ramp’s product range, with the ultimate aim being to streamline businesses’ operational efficiency.
Future vision and expansion
To further its growth trajectory, Ramp has set sights on a substantial hiring spree across various departments. They are also open to potential collaborations or acquisitions that align with customer requirements. Furthermore, Ramp Plus, their paid version, is slated for a broader launch in the upcoming month.
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