The debate about whether AI will benefit incumbents or startups more continues to unfold. Undoubtedly, we will see the emergence of groundbreaking companies creating products that are currently beyond our imagination. We have also, of course, already observed how some of the world's largest corporations have reaped significant advantages from this ongoing shift in paradigms. However, based on firsthand observations of developments at Ramp, I am convinced that the future truly belongs to those organizations that have reached this pivotal moment in history with the necessary scale, momentum, focus, agility and talent. I continue to witness that through tremendous effort and unparalleled execution, you can unlock opportunities that to many on outside look unbelievably lucky. Well, here’s to the best lucking team I’ve ever known 💯🙏🗽 Bravo Eric, Karim, Gene, Michael, Geoff, Scott, Max, Jacob, Daniel, Sam, Colin, Nik, Megan, Yunyu, Rahul, Will, and so many others who continue to astound me with their work.
We are completing a $150 million Series D-2 funding round, raising the company’s valuation to $7.65 billion. This round was co-led by Khosla Ventures and Founders Fund, with additional new investors Sequoia Capital, Greylock, and 8VC. Our existing investors Thrive Capital, General Catalyst, Sands Capital, D1 Capital Partners L.P. , Lux Capital, ICONIQ Capital, Definition, Contrary, and more are doubling down. Thank you to our partners and supporters for believing in our vision. This isn’t just a financial milestone. It's a recognition of every customer who has trusted Ramp to redefine their financial operations – and a bet on every customer who will trust us in the future. This new funding will allow us to triple down on the next wave of innovation to deliver much more value for our customers, including a range of AI tools. This includes automating cumbersome processes, providing deeper insights into spending, enhancing decision-making capabilities, and more – we’re just getting started as we help our customers create the finance function of the future. None of this would be possible without our customers – finance professionals, entrepreneurs, business owners, and employees who want to help their companies succeed. Today, the average company on Ramp currently saves 5% on their expenses; this has added up to over $1 billion in savings and 10 million hours of tedious labor automated. Practically, what does this mean for our customers? Saved jobs. More investment. Unlocked creativity. Faster progress. Stronger companies. We are obsessed with raising this bar every day. This is just the latest milestone. Five years ago, when Eric and Karim started Ramp, it was a better corporate card designed to help companies spend less, not more—and that remains true. Today, our core mission is unchanged: our sole objective is to save time and money for our customers to help them build more successful, profitable businesses. But our capacity to automate and accelerate has dramatically expanded, and we’re less than 1% of the way in. Read more on our blog: https://lnkd.in/e-a2_cmV
Ben Lilienthal
2mo
triple down!
Insurance Advisor For Startups & High-Growth Businesses
2moThe future looks promising for those who have the right mix of scale, momentum, agility, and talent. Cheers to unlocking new opportunities