Ramp Hits $44 Billion Valuation on $750M Funding Round as AI Spending Management Gains Traction

According to CNBC, Ramp announced a $750 million funding round on Thursday at a $44 billion valuation, marking a roughly 38% increase from its previous valuation. The round was led by ICONIQ, GIC, and Ontario Teachers' Pension Plan.

The New York-based spend-management company crossed $1 billion in annualized revenue with positive free cash flow, according to CEO Eric Glyman. Growth is being driven in part by corporate clients seeking tools to manage rapidly expanding artificial intelligence spending, which CFOs often struggle to control and forecast.