Ramp, a budget-management platform used by more than 70,000 organizations, raised $750 million in primary financing as part of its Series F round.
The raise included mission-driven investors such as Generation Investment Management, the sustainable-investing firm co-founded by former US Vice President Al Gore, and Ontario Teachers’ Pension Plan, which manages C$279 billion (about $200 billion) on behalf of 346,000 active and retired teachers in Ontario.
Ramp sells AI-enabled software that lets companies of all sizes issue corporate cards, approve and track spending, pay vendors, and automate accounting. Generation, whose previous investments include restaurant software platform Toast and payroll and HR provider Gusto, invested because of Ramp’s reach among small and mid-sized businesses, which employ roughly half of the US workforce and often struggle with cash-flow management.
“Cash flow is the most common cause of small-business failure,” Generation wrote in a note announcing its investment. Ramp argues that budgeting, approvals, spend controls and accounting automation have historically required finance teams and software budgets beyond the reach of many smaller businesses.
Other investors in the round included ICONIQ, GIC, Goldman Sachs Alternatives, and D.E. Shaw, among others.
Business building
Ramp’s platform aims to make sophisticated financial management capabilities accessible to family farms, nonprofits, startups and growing businesses. The company says its median customer reduces expenses by 5% and increases revenue by 16% during its first year on the platform.
“We believe one of the most reliable predictors of long-term, durable business-building is whether a company is genuinely mission-driven and values-aligned,” said Generation’s Neha Madhotra. “Ramp’s mission to save its customers time and money is not just words on a page – it is the operating model.”
Ramp’s valuation has climbed from $5.8 billion in 2023 to $44 billion today, as investors see the payments provider growing into an enterprise software platform built around AI. “Finance is going through the biggest structural change since the spreadsheet,” said Ramp’s Eric Glyman. “Every company needs infrastructure to navigate an AI economy.”
