NEW YORK — Ramp has landed a $1.85 billion primary financing round led by Dragoneer Investment Group, valuing the company at $60 billion. Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth co-led the round, with participation from additional investors including: Capital International, Fidelity Management & Research Company, T. Rowe Price, D1 Capital Partners, Greenoaks, ICONIQ, GIC, 8VC, 1789 Capital, Alpha Wave Global, Ontario Teachers’ Pension Plan, Coatue, D.E. Shaw, Definition Capital, FirstMark, General Catalyst, Generation Investment Management, Glade Brook Capital Partners, Khosla Ventures, Lightspeed Venture Partners, Pinegrove Opportunity Partners, Soma Capital, and Stripes.
Ramp says it generates more than $2 billion in annualized revenue, with positive cash flow. Ramp has over 85,000 clients including Visa, Uber, Shopify, Robinhood, Fanatics, Notion, Cursor, The Denver Broncos, and The Boys and Girls Club. The company says revenue is growing 25% faster now than it was at the same time last year. The company also reports its enterprise business continues to grow, with a 113% year-over-year increase in customers generating over $100,000 in revenue.
“Ramp is the kind of company we love to back at Dragoneer. It’s already a market leader with a deep, durable moat, and it’s still growing incredibly fast,” said Christian Jensen, Partner at Dragoneer. “In just a few years, Ramp has become a much broader financial operations platform, with AI deeply embedded in how the company builds and operates. We believe Ramp is well on its way to becoming one of the defining companies of this era.”
“We first invested in Ramp in 2023 as it was becoming the obvious choice for finance teams. With AI, Ramp’s platform is becoming the obvious choice to automate the entire office of finance,” said Barron Martin, Managing Partner at Sands Capital. “Three years and multiple rounds later, we believe the opportunity is more compelling now than when we first invested, and we’re proud to deepen our partnership with Eric, Karim, and the team.”
More than 85,000 companies use Ramp to manage over $275 billion in annualized purchase volume, up 175% year over year. Together, they save more than $1 billion every month. The median customer now saves 7.5%, up from 5% a year ago, and completes transactions with 22% less manual work. That’s 50% more savings on every dollar spent than a year ago, giving customers more money to put back into their businesses.
As Ramp saves customers more time and money, they trust it with more of their financial operations — from paying bills and closing the books to collecting revenue. The majority of customers now use two or more Ramp products, and a quarter use three or more. As AI becomes a bigger part of companies’ spending, Ramp’s opportunity to deliver more value continues to grow.
“At Uber’s scale, small inefficiencies add up,” said Justin Reyhl, Head of Global Travel & Expense at Uber. “We want our people focused on reimagining the way the world moves for the better, and we want every dollar we spend to advance the business. Ramp helps us scale our T&E operations without added layers of work, while keeping the spend under control.”
