Ramp raises $1.85 billion

Expense management company Ramp announced on Thursday it raised one point eighty five billion dollars in a new funding round valuing it at sixty billion dollars.

Valuation jumped in four months

The sixty billion dollar valuation comes just four months after Ramp raised seven hundred fifty million dollars at a forty four billion dollar valuation.

Led by major venture firms

The financing was co-led by Dragoneer Investment Group, Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth, with participation from over twenty other investors.

Revenue and customer growth

Ramp's annualized revenue crossed two billion dollars, up from one point five billion in June. The company now has eighty five thousand customers, up from seventy thousand in June.

Expanding beyond expense management

Ramp has expanded into payments, fraud detection, procurement, vendor management, and accounting. It embedded AI agents into multiple products and launched a corporate credit card for AI agents.

Entered AI model routing business

In August, Ramp entered the model routing business to tap the booming AI inference market, offering clients a model routing service with AI token usage monitoring and token spend management.

Launched Glass workspace

Earlier this month, Ramp launched Glass, a workspace that collects and remembers the AI automations, prompts, and skills that an organization's employees build.

Rabois: compete with Anthropic

Early investor Keith Rabois said Ramp aims to compete with Anthropic and become the primary way people manage token spend and measure AI return on investment.

“We're going to compete with Anthropic. That's the goal.”