Ramp raises $150M to deliver AI to spend administration

Ramp, a specialist in journey and expense administration options, has raised $150 million Sequence D-2 funding.

The funding was co-led by Khosla Ventures and Founders Fund with new buyers Sequoia Capital, Greylock and 8VC additionally collaborating.

In a weblog put up co-founder and CEO Eric Glyman stated the funding was not “only a monetary milestone. It’s a recognition of each buyer who has trusted Ramp to redefine their monetary operations — and a wager on each buyer who will belief us sooner or later.”

The newest funding within the company spend administration startup, which launched in 2019, comes on prime of $300 million in Sequence D funding introduced in August 2023. The corporate launched Ramp for Journey simply over two years in the past. Within the put up, Glyman added that Ramp’s core mission to assist firms spend much less stays the identical however that the platform’s capabilities have elevated.

“We’ve been exhausting at work constructing a full command and management system for firm funds that allows you to situation playing cards, handle approvals, observe and analyze spending, procure software program and companies, make funds of every kind, and even automate closing your books — multi functional place.”

The newest funding will go towards “the following wave of innovation,” he stated. 

“This contains utilizing [artificial intelligence] capabilities to automate cumbersome processes, present deeper insights into spending, improve decision-making capabilities and extra.” Later within the put up, Glyman stated, “Our platform is about as much as make AI a power multiplier of productiveness for our clients, and our plan is to proceed embedding state-of-the-art AI capabilities to make monetary operations vastly extra environment friendly. That is the longer term.”

See beneath for Ramp’s Launch pitch on the Phocuswright Convention 2023:

And an interview with Ramp’s journey partnerships lead and Phocuswire information editor Derek Catron: