Finance Platform Ramp Raises Funds at $5.8 Billion Value (1)

Ramp, a financial software business, said it has raised $300 million from investors at a $5.8 billion valuation.

The funding round was co-led by Thrive Capital and Sands Capital, with participation from General Catalyst, Founders Fund and other earlier investors. The New York-based startup’s valuation is lower than the $8.1 billion figure it raised funds at last year, reflecting the broader contraction in technology stock prices.

The company’s leaders were willing to accept market reality and raise on terms that are more reflective of today’s environment, said Keith Rabois, partner at Founders Fund and a member ...