Ramp raises $1.85 billion in primary round at $60 billion valuation led by Dragoneer
- Raised
- $1.9B
- Lead investors
- Dragoneer
- Place in VP50
- #14
- Sources
- 3
What happened
Ramp raised $1.85 billion in a primary financing round that valued the company at $60 billion. Bloomberg reported the raise on October 9, 2026, citing unnamed people, and said Dragoneer Investment Group and Thrive Capital led it, with Founders Fund also contributing a large check. Ramp confirmed the round in a release on October 15.
In that release, Ramp said Dragoneer led the round and that Thrive Capital, Founders Fund, Sands Capital and Avenir Growth co-led it. Capital International, Fidelity Management & Research Company, T. Rowe Price and others also took part. Ramp described the round as primary financing and said it had raised about $5 billion in equity in total. TechCrunch reported that the previous round was $750 million at a $44 billion valuation about four months earlier. Ramp said annualized revenue exceeded $2 billion and that more than 85,000 companies used it as of October 1. Neither Ramp's release nor TechCrunch said whether the $60 billion was before or after the new money.
Key points
- Ramp raised $1.85 billion at a $60 billion valuation.123
- Dragoneer led; Thrive Capital, Founders Fund, Sands Capital and Avenir Growth co-led.23
- Bloomberg reported the raise on October 9, 2026; Ramp confirmed it on October 15.12
- The previous round was $750 million at $44 billion, about four months earlier.3
- Annualized revenue exceeds $2 billion; total equity raised is about $5 billion.23
Why it matters
The $60 billion figure is above the $44 billion set about four months earlier, giving employees and early holders a newer reference point for the value of their shares.
Because the round is primary financing, the $1.85 billion goes to the company rather than to selling holders, so it sets a price without itself creating liquidity for employees or early investors.
Beyond the lead and co-leads, the release names participants including Capital International, Fidelity Management & Research Company, T. Rowe Price, GIC and Ontario Teachers' Pension Plan, so the $60 billion price was agreed by a wide group of investors.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Series B | Apr 8, 2021 | $1.6B | $115M | D1 Capital Partners and Stripe |
| Series C | Aug 24, 2021 | $3.9B | $300M | Founders Fund |
| Series C extension | Mar 21, 2022 | $8.1B | $200M | Founders Fund |
| Series D | Aug 21, 2023 | $5.8B | $300M | Sands Capital and Thrive Capital |
| Series D-2 | Apr 16, 2024 | $7.7B | $150M | Founders Fund and Khosla Ventures |
| Series E | Jun 17, 2025 | $16B | $200M | Founders Fund |
| Series E-2 | Jul 30, 2025 | $23B | $500M | ICONIQ |
| Funding round | Nov 17, 2025 | $32B | $300M | Lightspeed Venture Partners |
| Series F | Jun 4, 2026 | $44B | $750M | GIC, ICONIQ, and Ontario Teachers' Pension Plan |
Updated
Fact-check
- Ramp raised $1.85 billion at a $60 billion valuation.Confirmed by [2] PR Newswire (Ramp's release: a $1.85 billion primary financing round valuing the company at $60 billion) and [3] TechCrunch; [1] Bloomberg's headline states the same figures.Verified
- Bloomberg reported the raise on October 9, 2026 and Ramp confirmed it on October 15.[1] Bloomberg's article is dated October 9 and [2] Ramp's release is dated October 15. Bloomberg returned 403 to the checker; its sourcing and investor detail come from the writer's extract and the event data.Verified
- Dragoneer led the round, with Thrive Capital, Founders Fund, Sands Capital and Avenir Growth co-leading.Confirmed by [2] PR Newswire: Dragoneer led and the four others co-led. [3] TechCrunch describes all five as co-leads. [1] Bloomberg's earlier report said Dragoneer and Thrive led, with Founders Fund a large check.Verified
- Capital International, Fidelity Management & Research Company, T. Rowe Price, GIC and Ontario Teachers' Pension Plan took part.Confirmed by [2] PR Newswire and [3] TechCrunch, which list them among the participants.Verified
- The previous round was $750 million at a $44 billion valuation about four months earlier.Confirmed by [3] TechCrunch: four months after raising $750 million at a $44 billion valuation.Verified
- The round is primary financing and total equity raised is about $5 billion.Confirmed by [2] PR Newswire: a $1.85 billion primary round and about $5 billion in total equity financing; [3] TechCrunch gives the same total.Verified
- Annualized revenue exceeds $2 billion and more than 85,000 companies use Ramp as of October 1.Confirmed by [2] PR Newswire (more than $2 billion annualized revenue; more than 85,000 companies as of October 1, 2026) and [3] TechCrunch (85,000 customers). These are company-stated figures.Verified
Sources
- [1]Bloomberg (opens in a new tab)Ramp Hits $60 Billion Valuation in $1.85 Billion Funding RoundThe company brought in about $1.85 billion in the round, another person said.
- [2]PR Newswire (Ramp) (opens in a new tab)Ramp Reaches $60 Billion Valuation as Annualized Revenue Tops $2 Billion$1.85 billion primary financing round
- [3]TechCrunch (opens in a new tab)Ramp reaches $60B valuation as it pushes deeper into AIjust four months after raising $750 million at a $44 billion valuation
