Venue was founded in 2022 and its aim was to simplify how businesses review, approve, and manage the cost of vendors in use across their company. Venue raised USD 1.2 million in funding from investors such as Sequoia Capital, Exponent Founders Capital and Basecase Capital. Ramp actually acquired the company in August 2023 but made the announcement in January 2024.
The acquisition of Venue makes sense considering that in the summer of 2023, Ramp announced that it was entering the procurement space as it focused more on ‘complex’ enterprises. Additionally, it believes that back-end business processes like procurement are ‘ripe for practical automation and AI implementations.’
Ramp’s officials said that their plans are to grow this segment and serve more businesses with simple software that transforms a clunky, slow, and painful process into an efficient and organised one. This way, they’re enabling customers to put money movement at the centre of their decision-making and helping them build stronger, more sustainable businesses for the long-term.
In the current announcement, Ramp asserts its capability to manage over USD 10 billion in annual accounts payable spend. The company aims to evolve into a comprehensive solution for all financial operations, emphasising the potential for AI to streamline and eliminate inefficiencies throughout the financial tech stack. The introduced product updates highlight the transformative impact of AI and automation on back-end business processes, simplifying operations and enhancing the efficiency of modern business workflows.
In August 2023 Ramp has secured a USD 300 million Series D funding round to support product development and expansion into new areas. The platform, encompassing spend management, accounts payable, vendor management, price intelligence, and procurement, aims to enhance efficiency and profitability for businesses.
Ramp stands out by measuring success based on time and money savings for customers. The company planned substantial hiring to accommodate growth and remains open to partnerships or acquisitions. General Catalyst commends Ramp for transforming the industry and setting a new standard for transparency, value, and tangible savings.
In the same month of 2023, Ramp has expanded into procurement and formed an exclusive partnership with Shopify. Initially focused on small-to-medium-sized businesses, Ramp serves family-owned businesses, tech startups, and large enterprises. The platform recently achieved USD 600 million in savings and introduced Ramp Plus, integrating bill payments, vendor management, price intelligence, procure-to-pay, and spend management.
Ramp Plus offers advantages like controlling shadow spending, facilitating global operations, automating financial processes, and preventing overspending through advanced roles and permissions. Shopify chose Ramp as its exclusive expense management provider, leading to the development of this enhanced product offering.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now