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Yahoo
2 days ago
- Business
- Yahoo
Financial operations platform Ramp secures $200m in Series E funding
Ramp, a financial operations platform, has successfully completed its Series E funding round, achieving a valuation of $16bn. The funding, which reached a total of $200m, was led by Founders Fund, the company's initial and primary investor. Other participants in this financing round included Thrive Capital, D1 Capital Partners, General Catalyst, GIC, ICONIQ Growth, Khosla Ventures, Sands Capital, 8VC, Lux Capital, Stripes, 137 Ventures, Avenir Growth, and Definition Capital. With this latest funding round, Ramp has raised a total of $1.4bn in equity financing to date. Since its inception in 2019, Ramp is said to facilitate significant savings for its clients, amounting to $10bn. The platform currently manages more than $80bn in annual purchase volume through card transactions and bill payments. In March this year, Ramp raised $150m through a secondary share sale, acquiring shares from employees and early investors. Ramp serves a diverse clientele of more than 40,000 companies, including CBRE, Shopify, Anduril, Notion, Cursor, Vercel, Barry's, and MAGNA-TILES. Its offerings encompass a range of services, including corporate cards, expense management, bill payments, procurement, travel booking, and treasury functions. Approximately half of Ramp's customers utilise two or more products from its suite. The platform is designed to optimise financial operations for businesses, combining various financial services into a single solution that aims to enhance efficiency and reduce costs, according to the company. Cursor CEO said: 'Most finance tools feel like they were built by people who've never worked at a high-velocity startup. Ramp's engineering team is elite and ships fast. They actually understand what velocity means.' "Financial operations platform Ramp secures $200m in Series E funding" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
AI Startup Anysphere Fields VC Offers at Over $18 Billion Valuation
(Bloomberg) -- Anysphere Inc., the developer of the popular artificial intelligence code editor Cursor, has had talks with investors about a deal that would double its valuation in a new funding round, according to a person familiar with the matter. Security Concerns Hit Some of the World's 'Most Livable Cities' As Part of a $45 Billion Push, ICE Prepares for a Vast Expansion of Detention Space How E-Scooters Conquered (Most of) Europe Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads Investors have approached the company in recent weeks about a funding deal that would value the startup at $18 billion to $20 billion, said the person, who asked not to be identified because the information is private. The talks arrive shortly after the startup, which launched in 2023, surpassed $500 million in annualized revenue. The company didn't initiate the conversations, the person said, and may decide not to raise money at this time. The company declined to comment on the talks. 'We're not focused on fundraising and have lots to do on building the technology, product and team,' Chief Executive Officer Michael Truell said in a message to Bloomberg. While the startup isn't in need of cash, given the favorable terms, it could choose to add more capital to its balance sheet. Earlier this month, Anysphere said it raised $900 million at a valuation of $9.9 billion, including the new investment, in a round led by Thrive Capital. Andreessen Horowitz, Accel and DST Global also participated. Following that deal, Silicon Valley investors are eager to put more capital into what they say is the fastest-growing startup of all time in terms of revenue. The company's annualized sales have exploded in recent months as Cursor has added more enterprise users. Companies like OpenAI, Spotify Technology SA, Major League Baseball and Instacart are all users of Cursor, which analyzes a programmer's actions and suggests lines of code. The tools make it easier for people without technical expertise to create computer programs, a trend sometimes called vibe coding, as well as making regular software developers more efficient. Earlier this month, Truell told Bloomberg that more than half of Fortune 500 companies use Cursor, and more than 1 million people use the service every day. Still, the startup faces fierce competition, including from GitHub Copilot and Amazon CodeWhisperer. One of its biggest competitors, Windsurf, has agreed to sell to OpenAI for $3 billion, Bloomberg reported, although the deal has yet to be finalized. --With assistance from Rachel Metz. (Updates with CEO comment in the fourth paragraph.) Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants American Mid: Hampton Inn's Good-Enough Formula for World Domination Mark Cuban Has Done Sports, Reality TV and Now Health Care. Why Not US President? The Spying Scandal Rocking the World of HR Software ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
AI Startup Anysphere Fields VC Offers at Over $18 Billion Valuation
(Bloomberg) -- Anysphere Inc., the developer of the popular artificial intelligence code editor Cursor, has had talks with investors about a deal that would double its valuation in a new funding round, according to a person familiar with the matter. Security Concerns Hit Some of the World's 'Most Livable Cities' As Part of a $45 Billion Push, ICE Prepares for a Vast Expansion of Detention Space How E-Scooters Conquered (Most of) Europe Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads Investors have approached the company in recent weeks about a funding deal that would value the startup at $18 billion to $20 billion, said the person, who asked not to be identified because the information is private. The talks arrive shortly after the startup, which launched in 2023, surpassed $500 million in annualized revenue. The company didn't initiate the conversations, the person said, and may decide not to raise money at this time. The company declined to comment on the talks. 'We're not focused on fundraising and have lots to do on building the technology, product and team,' Chief Executive Officer Michael Truell said in a message to Bloomberg. While the startup isn't in need of cash, given the favorable terms, it could choose to add more capital to its balance sheet. Earlier this month, Anysphere said it raised $900 million at a valuation of $9.9 billion, including the new investment, in a round led by Thrive Capital. Andreessen Horowitz, Accel and DST Global also participated. Following that deal, Silicon Valley investors are eager to put more capital into what they say is the fastest-growing startup of all time in terms of revenue. The company's annualized sales have exploded in recent months as Cursor has added more enterprise users. Companies like OpenAI, Spotify Technology SA, Major League Baseball and Instacart are all users of Cursor, which analyzes a programmer's actions and suggests lines of code. The tools make it easier for people without technical expertise to create computer programs, a trend sometimes called vibe coding, as well as making regular software developers more efficient. Earlier this month, Truell told Bloomberg that more than half of Fortune 500 companies use Cursor, and more than 1 million people use the service every day. Still, the startup faces fierce competition, including from GitHub Copilot and Amazon CodeWhisperer. One of its biggest competitors, Windsurf, has agreed to sell to OpenAI for $3 billion, Bloomberg reported, although the deal has yet to be finalized. --With assistance from Rachel Metz. (Updates with CEO comment in the fourth paragraph.) Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros How a Tiny Middleman Could Access Two-Factor Login Codes From Tech Giants American Mid: Hampton Inn's Good-Enough Formula for World Domination Mark Cuban Has Done Sports, Reality TV and Now Health Care. Why Not US President? The Spying Scandal Rocking the World of HR Software ©2025 Bloomberg L.P.
Yahoo
3 days ago
- Business
- Yahoo
Ramp raises $200M
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Financial technology startup Ramp said Tuesday it raised $200 million, at a $16 billion valuation, led by billionaire Peter Thiel's Founders Fund, the New York-based company's largest investor. Ramp investors in the latest funding included Thrive Capital, the firm founded by Joshua Kushner, the brother of President Donald Trump's son-in-law, Jared Kushner; and 8VC, a venture capital firm co-founded by Joe Lonsdale, a co-founder of Palantir Technologies, with Thiel. Ramp's platform is focused on using AI intuitively on behalf of customers that may not have the resources to pursue AI tools on their own, Ramp's co-founder and CEO, Eric Glyman, wrote Monday in a letter to investors. 'And here's our commitment to you: this is the worst our product will ever be,' he wrote. New York-based Ramp offers corporate clients tools that handle tasks such as expense management, accounting, travel and procurement along with corporate cards and software to analyze and optimize corporate spending. Many of the 14 firms were previous investors in the company, which says it has 40,000 companies as customers and facilitates $80 billion in annual purchase volume. Thrive Capital, based in New York, and Austin, Texas-based 8VC did not immediately respond to emails Tuesday seeking comment on their investment. Ramp drew attention in April when ProPublica reported that the company had leveraged its political connections among Republicans to lobby for a General Services Administration contract to revamp the SmartPay charge card that federal employees use. The prior contracts for that work, from 2017, went to Citibank and U.S. Bank and were valued at as much as $700 billion through 2031, according to the GSA. Ramp gained at least four meetings with GSA officials appointed by President Donald Trump to discuss such work, the publication reported. The Visa and Mastercard-branded cards cover federal staff at about 550 agencies, allowing them to purchase travel, office supplies, gasoline and other work-related expenses. 'The RFI process is still ongoing and we're one of many vendors being considered,' a Ramp spokeswoman said Tuesday in an email. Ramp has raised about $2 billion in total venture funding since it was established in 2019. In the Ramp CEO's letter this week, titled 'let the robots chase receipts,' Glyman described the company as a 'net for catching hours and dollars. It's 'quiet efficiency.'' Recommended Reading Ramp reportedly angles for part of $700B US credit card program Sign in to access your portfolio
TechCrunch
3 days ago
- Business
- TechCrunch
In just 3 months, Ramp's valuation jumped to $16B, up from $13B
In Brief Spend management startup Ramp announced on Tuesday that it raised a $200 million Series E led by its largest investor, Founders Fund, at a post money $16 billion valuation. This is a jaw-dropping $3 billion increase over the $13 billion valuation Ramp announced just a few months ago in March from a $150 million secondary share sale. It's current valuation is also more than double the $7.65 billion Ramp hit a little over a year ago when it raised $150 million at a $7.65 billion post money. CEO Eric Glyman is remaining mum about revenue figures, although in March he said revenue had experienced 'incredible growth' over the previous figures it released. In the summer of 2023, he said Ramp had passed $300 million in annualized revenue. Other VCs, largely existing investors, who participated in the Series E round include Thrive Capital, D1 Capital Partners, General Catalyst, GIC, ICONIQ Growth, Khosla Ventures, Sands Capital, 8VC, Lux Capital, Stripes, 137 Ventures, Avenir Growth, and Definition Capital.
