Eric Glyman, co-founder and CEO of expense management startup Ramp, announced on Wednesday a fresh $500 million raise at a $22.5 billion post-money valuation.
This new round was led by Iconiq Growth, with participation from Founders Fund and D1 Capital Partners. It comes just 45 days after Ramp’s last funding round. In June, Ramp raised $200 million at a $16 billion valuation, which was a significant jump from the $13 billion valuation announced in March.
In his blog post, Glyman shared his vision for AI agent-led “autonomous finance,” which he predicts will become the norm by 2028. As part of this vision, Ramp recently launched its first AI agent, with plans to introduce more in the future.
Ramp has now raised a total of $1.9 billion. The company became cash-flow positive earlier this year and reported annualized revenue of $700 million in March. It currently serves 40,000 customers.