Not every company is struggling in this downturn.
Despite a cooling market, corporate spend management startup Ramp reports that it has more than doubled its revenue run rate since the start of the year.
The feat would be impressive in normal times, but is particularly so when tech companies – big and small – are laying off, freezing hiring and/or reporting slowing growth. But it’s even more notable for a startup – in an increasingly competitive space – to more than double revenue in a matter of months amid worsening market conditions.
Ramp confirmed in March that it had secured $550 million in debt and $200 million in equity in a new financing that doubled its valuation to $8.1 billion.
Now, the company is not just seeing more SMB customers – a logical assumption considering that Ramp’s biggest competitor Brex recently announced it would largely stop serving businesses in that category. According to CEO and co-founder Eric Glyman, it’s seeing increases across all stages of company maturity.
In June in particular, he said that Ramp closed overall 38% more busin …
