Breaking News: Tech Startup Achieves $22.5 Billion Valuation in Record 45 Days After Reaching $16 Billion

In a significant announcement on Wednesday, Eric Glyman, co-founder and CEO of the expense management startup Ramp, disclosed a substantial $500 million fundraise at a post-money valuation of $22.5 billion.

This latest round, spearheaded by Iconiq Growth and featuring participation from Founders Fund and D1 Capital Partners, follows closely on the heels of Ramp’s previous round in June, which secured $200 million at a valuation of $16 billion. This recent funding round represents an impressive escalation from the $13 billion valuation that the company announced in March.

In a blog post outlining his strategic vision, Glyman elucidated his anticipation for the emergence of AI agent-led “autonomous finance” as a standard by 2028. In line with this ambition, Ramp has recently debuted its inaugural AI agent, with plans to launch additional agents in the future.

Since securing its initial investment, Ramp has now raised a cumulative total of $1.9 billion. The company confirmed that it achieved cash-flow positivity earlier this year and, had amassed annualized revenue of $700 million in March. Currently, Ramp boasts 40,000 customers.