Spend management startup Ramp confirms $115M raise at a $1.6B valuation

techcrunch.com
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This morning, Ramp, which provides corporate cards and spend management software, announced that it has closed $115 million across two investments, the latter of which valued the company at $1.6 billion. The Information first reported that Ramp was raising new capital. TechCrunch confirmed the news prior to the company's announcement earlier today. Ramp raised the […]
This morning, Ramp, which provides corporate cards and spend management software, announced that it has closed $115 million across two investments, the latter of which valued the company at $1.6 billion.

The Information first reported that Ramp was raising new capital. TechCrunch confirmed the news prior to the company's announcement earlier today. Ramp raised the capital in two tranches, the first of which, a $65 million investment led by D1 Capital Partners, valued the startup at $1.1 billion. A $50 million investment led by Stripe, the online payments giant, pushed its valuation to $1.6 billion.

On a call with TechCrunch, Ramp CEO and co-founder Eric Glyman was demure about the valuation differential between the two investments, only noting that different investing groups can have different assessments of the value of a company. TechCrunch's read of the two-part fundraising event is that Stripe likely saw Ramp's growing scale and wanted to put capital into it but had to pay a higher price for coming in after D1 had already written a check.

Regardless, Ramp's latest capital raises are a multiple of the amount it last raised when it pursued primary funds, namely its $30 million December, 2020 round. The company raised twice in 2020, and once in 2019. More recently, Ramp secured a $150 million credit facility…
Alex Wilhelm
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