Posted 1/30/2024, 11:37:30 PM
Ramp Acquires AI Procurement Startup Venue to Boost Spend Management Offering
- Fintech startup Ramp acquires AI-powered procurement startup Venue to expand its spend management offering
- Venue raised $1.2M in funding from investors like Sequoia and its founders join Ramp's procurement team
- Ramp sees back-end processes like procurement as ripe for automation and AI to eliminate inefficiencies
- Ramp has been on an acquisition spree, having previously bought Buyer and Cohere.io to boost its capabilities
- Ramp raised $300M in 2022 from Thrive Capital and Sands Capital at a $5.8B valuation with over $300M in revenue