s·Term SheetExclusive: Fin startup Ramp hits $1 billion in annualized revenue after notching $22.5 billion valuationBy Leo SchwartzBy Leo SchwartzSenior WriterLeo SchwartzSenior WriterLeo Schwartz is a senior writer at Fortune covering fin, crypto, venture capital, and financial regulation.SEE FULL BIO Eric Glyman, cofounder and CEO of Ramp.Kelly Sullivan—Getty ImagesRamp its red-hot summer with one more coup.
The six-year-old fin startup hit $1 billion in annualized revenue as of the end of August, according to a person familiar with the company’s finances—a figure that looks less shocking next to the whopping $22.5 billion valuation it notched in July in an Iconiq-led funding round.
Ramp has been on the kind of tear usually reserved for AI startups, which the company is starting to resemble.
Eric Glyman and Karim Atiyeh founded the company in 2019 to upend the corporate credit card market, which challengers Brex were already trying to wrest away from American Express and Chase.
While Brex and Ramp spent the frothy days of the pandemic in close competition—the Lyft and Uber of corporate cards—Ramp has pulled away in recent years due to its push into other CFO-suite ducts, including expense management and travel, as well as its near-omnipresent branding.
(That has included a Super Bowl spot featuring All- Philadelphia Eagles running back and Ramp investor Saquon Barkley, as well as the blaring chyron sponsorship of podcast TBPN.) Ramp’s dominance was driven by a one-two punch of funding announcements this summer: a Series E led by Founders Fund, announced in June, that valued the startup at $16 billion; ed the next month by the Iconiq-led Series E-2.
Even as other fin startups remain mired in downrounds or stuck with their COVID-era valuations, Ramp has managed to convince investors to treat it an AI lab.
Ramp’s rapid growth, as evidenced by its billion-dollar revenue mark, is part of its ballooning sticker tag.
According to Crunch, Ramp previously hit $700 million in annualized revenue in January, more than doubling its earlier benchmark of $300 million in August 2023.
But the startup’s embrace of AI has also driven investor elation.
In July, Ramp introduced its first set of AI agents, which ingest a company’s expense policies and automatically apve employee receipts.
Whether the company can continue to expand beyond the lower-margin arena of credit-card interchange fees and into the mised land of software-as-a-service subscriptions will determine its future success, as well as whether it can compete with Brex’s international expansion.
But for now, Ramp has a new crown to hang alongside its $22.5 billion valuation.
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VENTURE DEALS- Enveda, a Boulder, Colo. and Hyderabad, India-based drug developer, raised $150 million in Series D funding.
Premji Invest led the round and was joined by Baillie Gifford, Kinnevik, Lingotto Investment Management, Peakline Partners, FPV, Socium Ventures, Dimension, Level Ventures, Henry Kravis, IA Ventures, and Lux Capital.- You.com, a Palo Alto, Calif.-based developer of digital infrastructure for agentic AI, raised $100 million in Series C funding.
Cox Enterprises led the round and was joined by existing investors Georgian, Salesforce Ventures, and Norwest.- ViCentra, a Utrecht, The Netherlands-based developer of the Kaleido insulin pump patch, raised $85 million in Series D funding.
Innovation Industries, Partners in Equity, and Invest-NL led the round and were joined by EQT Life Sciences and Health Innovations.- Orchard Robotics, a San Francisco-based developer of nology designed to automate farming cesses, raised $22 million in Series A funding.
Quiet Capital and Shine Capital led the round and were joined by General Catalyst, Contrary, Mythos, Valyrian, Ravelin, and others.- Reggora, a Boston, Mass.-based real estate appraisal platform, raised $18 million in funding.
Centana Growth Partners led the round and was joined by others.- Xampla, a Cambridge, U.K.-based manufacturer of plant-based alternatives to single-use plastic, raised $14 million in Series A funding.
Emerald nology Ventures, BGF, and Matterwave Ventures led the round and were joined by existing investors Amadeus Capital Partners and Horizons Ventures.- Supersonik, a Barcelona, Spain and San Francisco-based developer of a multilingual AI agent for sales demos, raised $5 million in seed funding.
Andreessen Horowitz led the round and was joined by angel investors. PRIVATE EQUITY- Qodea, a portfolio company of Marlin Equity Partners, acquired TIQQE, an Örebro, Sweden-based cloud nology company.
Financial terms were not disclosed.- Specialty Appliances, a portfolio company of Reynolda Equity Partners, acquired Brewer Dental Laboratory, a Tulsa, Okla.-based specialty dental lab.
Financial terms were not disclosed. - Syndigo, backed by Summit Partners, acquired 1WorldSync, a Chicago, Ill.-based duct content orchestration platform. Financial terms were not disclosed.
- Tropolis Insurance Services, backed by Unity Partners, acquired eight insurance agencies across Michigan, Texas, and Louisiana: Warrendale Insurance Agency, U.P.
Insurance Agency, Entrust Insurance and Financial Services, Canopy Insurance Group, Infiniti Insurance Services, King Phillips Insurance, Beasley Keith Insurance, and Safe Harbor Insurance.
Financial terms were not disclosed.- Vision Ridge Partners acquired Pelican Energy TCI (formerly FortisTCI), a Turks and Caicos-based power supply company.
Financial terms were not disclosed.IPOS- Via, a New York City-based ride platform for local governments, plans to raise up to $470.8 million in an offering of 10.7 million s priced between $40 and $44.
The company posted $381 million in revenue for the year June 30. Exor, 83North, Kelvin Investments, Pitango, and Ramot Trust back the company.- Neptune Insurance Holdings, a St.
Petersburg, Fla.-based flood insurance company, filed to go public on the New York Stock Exchange. The company posted $137 million in revenue for the year June 30.
Bregal Sagemount, FTV Capital, Trevor Burgess, James D. Albert, and Wilbur L.
Martin back the company.EXITS- GovCIO, a portfolio company of Welsh, Carson, Anderson & Stowe, acquired Iron Bow nologies, a Herndon, Va.-based IT solutions vider, from H.I.G. Capital.
Financial terms were not disclosed.FUNDS + FUNDS OF FUNDS- Great Hill Partners, a Boston, Mass.
and London, U.K.-based private equity firm, raised $7 billion for its ninth fund focused on companies in the software, financial services, healthcare, consumer, and services sectors.PEOPLE- MiddleGround Capital, a Lexington, Ky.-based private equity firm, hired Tim Curley as managing director.
Formerly, he was with BMO Capital .This is the web version of Term Sheet, a daily on the biggest deals and dealmakers in venture capital and private equity. for free.