Ramp hits $13B valuation via $150M secondary share sale

Summary

Ramp, the corporate spend management platform, reached a $13 billion valuation through a $150 million secondary share sale in which GIC, Thrive Capital, Khosla Ventures, and General Catalyst bought employee stock. The valuation marks a sharp recovery from 2022, when the company dropped to $5.8 billion amid interest rate hikes and SVB's collapse. It sits well above the prior peak and last April's $7.65 billion mark.

The secondary structure gave early staff liquidity while allowing Ramp to reprice equity for recruiting. The company took the writedown quickly rather than maintaining an inflated valuation, giving employees and recruits transparent clarity on what their equity was actually worth.

CEO Eric Glyman led the announcement with the Financial Times, emphasizing the company's core mission of saving businesses time and money. He positioned Ramp's work in the lineage of historical efficiency gains, citing Walmart's supply chain optimization and Ford's manufacturing speed. The company claims to have reduced procurement time from 30 minutes to 30 seconds and saved customers $2 billion and 20 million hours since inception, with over half that impact occurring in the past 12 months.

Glyman also previewed an AI shift in corporate finance, describing a move from steer assist to self-driving as expenses categorize themselves and money reallocates for higher returns. Named customer wins include Poshmark, which hit free cash flow goals five months early, along with Notion and Cursor.