Financial software business Ramp, which is looking to build a comprehensive platform for finance teams including software to monitor expenses and manage vendors, has raised $300m from investors at a $5.8bn valuation.
Venture capital firms Thrive Capital and Sands Capital led the funding round with participation from General Catalyst, Founders Fund and other earlier investors.
The New York-based startup’s valuation is lower than the $8.1bn figure it raised funds at last year, reflecting the broader contraction in technology stock prices.
Ramp, which has more than 15,000 customers including Shopify Inc, Anduril, and Discord, according to its website, has yet to make a profit, but Chief Executive Officer Eric Glyman said in an interview with Bloomberg News that company has “a path to it”.
