The New York-based startup received capital in the funding round from Founders Fund, Thrive Capital, General Catalyst, Sands Capital and others. The valuation is lower than the $8.1 billion figure they raised funds at last year, reflecting the broader contraction in technology stock prices.
“This is a price set today by some of the best investors,” said Rabois, adding that the business still has sufficient cash on hand, but wanted to raise capital “opportunistically” to propel growth and possibly make more acquisitions. He said that he expects the company to eventually go for an initial public offering.
Ramp is looking to build an all-encompassing platform for finance teams, with offerings including software to monitor expenses and manage vendors. Ramp has more than 15,000 customers, such as Shopify Inc., Anduril and Discord, according to its website. Ramp’s pitch to customers is that their incentives are aligned. The firm, which offers a corporate card, says that it helps customers reduce spending, unlike some credit card businesses. Instead of increasing its revenue per customer, Ramp is more focused on increasing its number of customers, Glyman explained. “We exist to help our customers spend less and be more financially efficient,” he said.
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