Ramp Raises $1.85 Billion at $60 Billion Valuation, Betting Big on AI Agents

What happened

On Oct 15, Ramp confirmed in an official announcement that it had raised $1.85 billion at a $60 billion post-money valuation. The round was co-led by Dragoneer, Thrive Capital, Founders Fund, Sands Capital and Avenir Growth, with Fidelity, T. Rowe Price, Coatue, Khosla Ventures and others participating, bringing total funding to about $5 billion.

Ramp says its annualized revenue has crossed $2 billion (up from $1.5 billion in June), with revenue growth 25% faster than at this time last year. Annualized purchase volume exceeds $275 billion, up 175% year over year, and the customer count reached 85,000 (70,000 in June), including Visa, Uber, Shopify, Robinhood, Anduril, Notion, Cursor and Figma.

Alongside the raise, Ramp is embedding AI agents across its procurement, expense management, accounting and budgeting products. It launched a corporate credit card specifically designed for AI agents to use, entered the model-routing business in August with AI token usage monitoring and token spend management, and this month launched Glass, a workspace that collects and remembers the AI automations, prompts and skills employees build. Early investor Keith Rabois said Ramp's goal is to become the primary way people manage token spend, optimize it and measure ROI — putting it on a collision course with Anthropic.

In just a few years, Ramp has become a much broader financial operations platform, with AI deeply embedded in how the company builds and operates. We believe Ramp is well on its way to becoming one of the defining companies of this era.

— Christian Jensen, partner at Dragoneer (company statement, reported by TechCrunch)

Key facts

1. Round and valuation: $1.85 billion at $60 billion; the June round was $750 million at $44 billion
2. Lead investors: Dragoneer, Thrive Capital, Founders Fund, Sands Capital, Avenir Growth
3. Business metrics: annualized revenue over $2 billion; annualized purchase volume over $275 billion (+175% YoY); 85,000 customers
4. AI push: agents embedded in procurement/expenses/accounting/budgeting; a corporate card for AI agents; model routing with token spend management since August; Glass workspace launched this month
5. Competition: its expanding product line puts it in direct competition with Rippling, the HR and payroll company that moved into corporate cards, expenses and bill payments