Venture Capital: Spend Management Platform Ramp Lands $300M Funding Round
The Ramp software helps companies become more financially efficient.
Ramp, a finance automation platform, has secured $300 million in Series D funding to drive its expansion into new sectors. The funding comes after the company achieved a 6x growth in purchase volume since its last funding round, highlighting the increasing demand for its software that enhances financial efficiency for businesses.
Thrive Capital and Sands Capital co-led the funding round, joined by existing investors such as General Catalyst and Founders Fund.
The capital injection will be utilized to advance product development, hiring, and entry into new categories like procurement.
Ramp has recently expanded its offerings to include features such as accounts payable automation, spend management, and procurement, catering to businesses’ needs for modern finance tools that improve operational efficiency.
In a volatile macroeconomic landscape, businesses of varying scales and industries are placing heightened emphasis on their financial performance. As enterprises seek contemporary financial solutions to enhance operational efficacy and profitability, Ramp has observed a rising surge in interest for its spend management platform, as well as its new ancillary offerings like automating accounts payable and procurement processes.
The company aims to continue innovating and helping customers save both time and money.
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