Anthropic targets up to $2 trillion valuation in planned November IPO
The Claude developer reported quarterly revenue of $16.8 billion and a second consecutive adjusted profit as it prepares for a public listing.
Ramp valued at $60 billion in $1.85 billion funding round
Dragoneer Investment Group led the financing as the fintech startup expands AI tools. Ramp's previous funding round valued it at $44 billion in June.
Ramp said on October 15 that it raised $1.85 billion in primary financing, giving the financial technology startup a valuation of $60 billion. Dragoneer Investment Group led the round, with Thrive Capital, Founders Fund, Sands Capital and Avenir Growth serving as co-leads.
The financing follows a $750 million round in June that valued Ramp at $44 billion. The company said its cumulative equity funding now amounts to approximately $5 billion.
Based in New York, Ramp offers corporate cards and software for managing expenses. It is adding artificial intelligence tools, including software designed to track AI spending and optimize the costs of operating AI models.
Ramp said annualized revenue exceeds $2 billion and its cash flow is positive. Founded in 2019, it serves more than 85,000 companies whose annualized purchase volume exceeds $275 billion, an increase of 175% from a year earlier.
Fidelity Management & Research Company, T. Rowe Price, GIC and Coatue also participated in the latest financing, Ramp said.