It’s only been two years since fintech startup Ramp emerged out of stealth to help businesses like ClickUp, Ro and thousands of others automate company expenses. Since then, it’s reached unimaginable heights, quickly surpassing the $1 billion unicorn valuation. The NYC-based company is now eyeing the rare tech decacorn valuation of $10 billion or more.
Research reports that of the 672 unicorn companies in existence, less than 5 percent of them have a valuation of over $10 billion.
Ramp’s most recent funding round of $750 million, announced on Monday, brings the company’s total valuation to $8.1 billion, making it one step closer to becoming a decacorn.
The round was led by Founders Fund and provides Ramp with $550 million in debt financing and $200 million in equity funding.
According to the company, Ramp has now raised over $1 billion in financing to date. The company was founded in March of 2019 and launched in 2020.
“We win when our customers do and we’re thrilled with all that we’ve accomplished only two years from publicly launching,” Eric Glyman, Ramp co-founder and CEO, told Built In via email. “We built Ramp by listening to our customers’ feedback and want to do everything we can to keep building tools to make their businesses more successful. We’re leaving no stone unturned.”
Glyman said the raise came from inbound interest from previous and new investors, which is no surprise as the company witnessed 7x year-over-year customer growth along with a 10x revenue increase since last year.
Built In last caught up with Ramp in August when it announced its $300 million Series C round. The plan then was to bring on new talent to its team. Since then, the company quadrupled its internal headcount.
With its fresh funding, Ramp is still hiring for over 60 open roles. Additional funding will go toward opening a new office in Miami and exploring merger and acquisition opportunities.
While no specific hiring goal is in place, Glyman imagines Ramp will likely double its current 275-person team this year.
“The quality of the people we bring on is the priority. We are passionate about making Ramp an ideal starting point for young entrepreneurs,” Glyman said. “At Ramp, we don’t just look for well-rounded employees who tick all the boxes of a job description; instead, we look for people who are passionate, have extreme accomplishments in specific areas and are clearly on an upward career trajectory.”
