Significant valuation reductions
Large private companies like Stripe and Klarna have experienced significant valuation reductions.Ramp, as other fintech startups, has experienced a valuation reduction in the past 18 months. Ramp, a fintech firm, raised $300 million from Thrive Capital and Sands Capital at a $5.8 billion valuation.
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Spend management software
General Catalyst, Founders Fund, and other investors joined the newest fundraising. The investment decision involved General Catalyst chairman and managing director Ken Chenault, former American Express chairman and CEO.
This company specializes in spend management software and raised “several hundred million dollars” at a $5.5 billion value last week. Ramp last raised $200 million in stock at $8.1 billion in March 2022. Since 2019, the company has raised $970 million in equity and $700 million in committed debt.
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