News Summary

Ramp, a New York-based spend management startup, has announced a significant increase in its valuation to $16 billion following a $200 million Series E funding round led by Founders Fund. This marks a $3 billion increase from its previous valuation of $13 billion in March, achieved through a $150 million secondary share sale. The current valuation more than doubles its $7.65 billion valuation from just over a year ago. Other investors participating in the Series E round include Thrive Capital, D1 Capital Partners, General Catalyst, and several others. CEO Eric Glyman noted the company’s incredible revenue growth, having surpassed $300 million in annualized revenue by the summer of 2023.