Aug 24, 2021 - Economy

Spend management platform Ramp raises $300 million, acquires Buyer

Dan Primack

A hand holding a credit card with money signs on it — Illustration: Sarah Grillo/Axios

Ramp, a New York-based corporate card and spend management platform, raised $300 million in Series C funding at a $3.9 billion valuation led by Founders Fund. It also acquired Buyer, a "negotiation-as-a-service" platform focused on large purchases like annual software contracts.

Why it matters: Ramp tries to differentiate itself from rivals by emphasizing its spend management tools, but venture capitalists aren't taking the thrifty hint.

This is Ramp's third round of equity funding in the past nine months, with its valuation more than doubling since an April infusion.

The big picture: Other investors include Redpoint Ventures, Thrive Capital, D1 Capital Partners, Spark Capital, Coatue, Iconiq, Altimeter, Stripe, Lux Capital, A* Partners, Definition Capital, Vista Public Strategies, Honeycomb and Kinetic.

The bottom line: "Ramp, founded by [Eric] Glyman and Karim Atiyeh in 2019, is among a new breed of business lenders taking on a sector that hasn't seen much change in decades," CNBC's Hugh Son writes.

"Like Brex, another young company with an eye-popping valuation (it raised at a $7.4 billion valuation in April), Ramp offers cash-back charge cards and a suite of software tools for business owners."

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Spend management platform Ramp raises $300 million, acquires Buyer

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