Startup company Ramp has successfully secured an additional $150 million in funding at a post-money valuation of $7.65 billion, as confirmed by the company to TechCrunch today.
This funding round was co-led by new investor Khosla Ventures and existing backer Founders Fund, with participation from other notable backers such as Sequoia Capital, Greylock, and 8VC. Existing investors also contributed, including Thrive Capital, General Catalyst, Sands Capital, and more.
This raise is an extension of Ramp’s Series D round, where the company had raised $300 million at a lower valuation. The latest funding round brings Ramp closer to its previous valuation of $8.1 billion.
Since its founding in 2019, Ramp has now secured a total of $1.2 billion in equity financing and $700 million in committed debt funding.
CEO Eric Glyman shared that Ramp’s revenue saw a significant 4x growth in 2022, with bill pay being the fastest-growing segment. The company achieved over $100 million in annualized revenue before its third birthday in March 2022.
The new funding will allow Ramp to focus on innovation, particularly in leveraging AI capabilities to enhance automation, provide deeper spending insights, and improve decision-making processes. The company also plans to use the funds for acquisitions, building on its recent acquisition of AI-powered startup Venue.
Overall, Ramp now serves over 25,000 companies across various industries, with a focus on using AI to streamline processes and drive innovation in the fintech space.
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