Expense management firm Ramp has closed its second major raise in a matter of months, securing $1.85 billion in a primary financing round led by Dragoneer Investment Group that values the company at $60 billion.
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The round was co-led by Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth, pushing the valuation up from the $44 billion secured at a $750 million Series F in June.
Founded in 2019 as a corporate card, Ramp has evolved into a comprehensive system of operations for finance teams.
Recently it has put a focus on artificial intelligence, launching Glass, a model-agnostic, collaborative AI workspace where knowledge compounds. An AI token spend management tool gives finance and technical teams one place to understand and control outlay across providers, teams, models, users, and API keys.
With more than 85,000 clients, including blue chips such as Visa, Uber and Shopify, it now reports $2 billion in annualised revenue, with positive cash flow.
"We obsess over saving our customers time and money. That's why we're growing faster at more than twice the size we were a year ago," says Eric Glyman, co-CEO, Ramp. "AI opens up much more of the work it takes to run a company. Our opportunity is to get that work done at less cost. We want to help every business run better with AI."