Ramp Raises $300M as Valuation Climbs to $32 Billion

Corporate spend management platform Ramp has raised $300 million, pushing its valuation to $32 billion following the financing round and an employee tender offer.

The latest raise follows Ramp’s $500 million funding round in July and its $200 million round in June. Lightspeed Venture Partners led the new investment, joined by existing backers including D1 Capital Partners, Founders Fund, GIC, Avenir Growth, Coatue, Thrive Global, Sutter Hill Ventures, T. Rowe Price and Glade Brook Capital Partners.

Founded in 2019, Ramp now serves more than 50,000 customers. Over the summer, the company unveiled autonomous artificial intelligence (AI) agents, later expanding its AI suite with agentic workflows through its Agents for AP product in October.

Ramp co-founder and CEO Eric Glyman said the company’s mission is to make customers more profitable. “On average, companies that switch to Ramp spend 5% less and grow 12% faster—results that outpace nearly every benchmark,” he said. “The most disciplined and fastest-growing teams choose Ramp because it helps them scale more efficiently.”

In a letter to customers, Glyman noted that Ramp’s contribution profit is growing 153% year over year. Revenue has more than doubled from $500 million a year ago to over $1 billion today.

Glyman added that Ramp’s AI-driven approach to expense decision-making enables finance teams to focus on strategic priorities. Bret Taylor, co-founder and CEO of Sierra and chairman of OpenAI, said Ramp’s automation has eliminated entire categories of time-consuming work, allowing teams to focus on product development and growth.

Ramp previously raised $150 million in its Series D-2 round in April 2024 and $300 million in a Series D round in August 2023.

Tags: phocuswire

Ramp Raises $300M as Valuation Climbs to $32 Billion

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