Ramp hits $22.5B valuation just 45 days after reaching $16B

Eric Glyman, co-founder and CEO of expense management startup Ramp, announced on Wednesday a fresh $500 million raise at a whopping $22.5 billion post-money valuation.

This new round, led by Iconiq Growth with participation from Founders Fund and D1 Capital Partners, comes just 45 days after Ramp’s last round. In June, Ramp raised $200 million at a $16 billion valuation, and that was a leap over the $13 billion valuation Ramp announced in March.

In his blog post, Glyman laid out his vision for AI agent-led “autonomous finance” that he predicts will be the norm by 2028. To this end, Ramp just launched its first agent with plans to launch more.

Ramp has now raised $1.9 billion total. The company became cash-flow positive earlier this year, it told TechCrunch. In March, Glyman told us Ramp had hit annualized revenue of $700 million. It currently claims 40,000 customers.