Ramp secures $150M in funding, $7.65B valuation

Ramp, a startup specializing in spend management, has secured an additional $150 million in funding, resulting in a valuation of $7.65 billion.

The funding round was co-led by Khosla Ventures and Founders Fund, with additional backing from Sequoia Capital, Greylock, 8VC, and other investors. Ramp experienced a fourfold increase in sales in 2022 but has not yet achieved profitability.

The relationship with Founders Fund remains strong, and the additional funds will be used to intensify efforts in innovation, particularly by leveraging AI skills. Ramp also plans to allocate funds towards acquiring other companies, building on its customer base of over 25,000 enterprises across various industries.

Ramp's persistent focus on AI played a significant role in capturing the attention of Khosla Ventures, and the company plans to use the additional funds to further develop AI capabilities. The company has also been actively acquiring various assets, and currently employs over 730 full-time staff members.