Ramp Raises $1.85 Billion, Boosting Its Valuation to $60 Billion
Ramp stated that it raised $1.85 billion in a funding round that boosted its valuation to $60 billion, just four months after a $750 million round, with its annual revenue exceeding $2 billion.
Corporate expense management startup Ramp said it has raised $1.85 billion in a new funding round that raised its valuation to $60 billion, according to TechCrunch.
The round comes just four months after a previous round in which it raised $750 million at a $44 billion valuation, reflecting the company's accelerating growth in a short period.
The round was co-led by Dragoneer, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth, which are prominent investment funds in tech company financing.
The company said its annual revenue exceeded $2 billion and its customer base reached 85,000 customers, as it pushes deeper into artificial intelligence for expense management and accounting services.
What Do These Terms Mean?
Valuation: The estimated market value of a company agreed upon by investors in a funding round, which differs from its book value.
Funding Round: A stage in which investors raise money for a startup in exchange for equity, named Series A, B, or C depending on its order.
Annual Revenue: The total amount a company generates from selling its products and services over a full year before deducting expenses.
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