Corporate spending management platform Ramp has raised $300 million. The financing round along with an employee tender offer has brought the company’s valuation to $32 billion.
The funding follows the company’s $500 million raise in July and $200 million raise in June.
Lightspeed Venture Partners led the raise with support from existing investors such as D1 Capital Partners, Founders Fund, GIC, Avenir Growth, Coatue, Thrive Global, Sutter Hill Ventures, T. Rowe Price and Glade Brook Capital, Partners among others.
Founded in 2019, Ramp said it serves more than 50,000 customers.
Over the summer, Ramp unveiled autonomous artificial intelligence (AI) agents before extending its AI capabilities to include agentic workflows with its Agents for AP in October.
Eric Glyman, co-founder and CEO of Ramp, said the company’s goal is to make each customer more profitable.
“On average, companies that switch to Ramp spend 5% less and grow 12% faster—results that outpace nearly every benchmark,” Glyman said. “The most disciplined and fastest-growing teams choose Ramp because it helps them scale more efficiently. We are working hard to bring that advantage to every business.”
In a letter to customers, Glyman said that Ramp’s underlying profitability (measured by contribution profit) is growing 153% year over year. The company’s revenue was $500 million one year ago and has now reached over $1 billion.
Glyman said that Ramp’s “objective” decision making around expenses via AI allows finance teams to focus on higher-level decisions.
“Ramp’s AI has automated entire categories of work that used to slow us down,” said Bret Taylor, co-founder and CEO of Sierra and chairman of OpenAI, which utilizes the platform.
“Because of Ramp, we now have more time to focus on what actually matters, building great products and growing the business.”
Ramp raised $150 million in its Series D-2 funding in April 2024 and $300 million in Series D funding in August 2023.