Latest news with #FoundersFund
Bloomberg
8 hours ago
- Automotive
- Bloomberg
Elon Musk's Boring Co. Is Turning Into a $900 Million Flop
Nearly a decade ago, the billionaire said he'd build a hyperloop. Since then, he's mostly built tunnels for Teslas and his own employees. During an all-hands meeting Elon Musk led at the Boring Co. last year, he spent most of the time talking about how Donald Trump's election would be a boon to SpaceX, according to former employees. There was little mention of his tunneling venture and its prospects, and they said he left the September meeting without visiting Boring's factory. That's a far cry from how Musk first hyped Boring nearly a decade ago. He vowed to build a futuristic, ultra-fast underground hyperloop as a revolutionary solution to the world's 'soul-destroying' traffic problems, raising more than $900 million from the likes of Sequoia Capital and Peter Thiel's Founders Fund.
Reuters
a day ago
- Business
- Reuters
Fintech Ramp valued at $22.5 billion in late-stage funding round
July 30 (Reuters) - Ramp has secured a valuation of $22.5 billion in a late-stage round, it said on Wednesday, marking a nearly 41% jump in just over a month as fintech funding rebounds after a years-long slump. The New York-based company — which offers corporate cards, payment services and expense management applications — raised $500 million in the latest funding round, led by investment firm ICONIQ, taking its total equity financing to $1.9 billion. Existing investors Founders Fund, GIC, Coatue and General Catalyst also participated in the fundraising. Ramp's valuation has climbed from $13 billion in March to $16 billion in June and to $22.5 billion now, indicating renewed investor interest in financial platforms that offer digital and artificial intelligence-based services. The company said it began generating cash flow earlier this year. "Ramp's spectacular ramp in such a short period is another indicator that the fintech ice age has thawed, especially for firms already printing cash and selling AI-flavored picks-and-shovels to CFOs," said Michael Ashley Schulman, chief investment officer at Running Point Capital. Earlier this month, the company launched its first set of AI agents, which help clients in flagging fraud, updating policies as well as reviewing and approving transactions. It said it aims to accelerate the rollout with the fresh capital. Industry leaders have hailed the transformative potential of AI agents, given their ability to automate complex business processes. Ramp has more specialized agents coming in the next year as it looks to reduce manual tasks faced by finance teams. "Pair positive cash flow with a credible AI story and your valuation can ramp fast," Schulman said. Founded in 2019, Ramp enables tens of billions in purchases annually. It caters to more than 40,000 companies, including commercial real estate firm CBRE (CBRE.N), opens new tab, and defense technology company Anduril.
CNA
a day ago
- Business
- CNA
Fintech Ramp valued at $22.5 billion in late-stage funding round
Ramp has secured a valuation of $22.5 billion in a late-stage round, it said on Wednesday, marking a nearly 41 per cent jump in just over a month as fintech funding rebounds after a years-long slump. The New York-based company — which offers corporate cards, payment services and expense management applications — raised $500 million in the latest funding round, led by investment firm ICONIQ, taking its total equity financing to $1.9 billion. Existing investors Founders Fund, GIC, Coatue and General Catalyst also participated in the fundraising. Ramp's valuation has climbed from $13 billion in March to $16 billion in June and to $22.5 billion now, indicating renewed investor interest in financial platforms that offer digital and artificial intelligence-based services. The company said it began generating cash flow earlier this year. "Ramp's spectacular ramp in such a short period is another indicator that the fintech ice age has thawed, especially for firms already printing cash and selling AI-flavored picks-and-shovels to CFOs," said Michael Ashley Schulman, chief investment officer at Running Point Capital. Earlier this month, the company launched its first set of AI agents, which help clients in flagging fraud, updating policies as well as reviewing and approving transactions. It said it aims to accelerate the rollout with the fresh capital. Industry leaders have hailed the transformative potential of AI agents, given their ability to automate complex business processes. Ramp has more specialized agents coming in the next year as it looks to reduce manual tasks faced by finance teams. "Pair positive cash flow with a credible AI story and your valuation can ramp fast," Schulman said. Founded in 2019, Ramp enables tens of billions in purchases annually. It caters to more than 40,000 companies, including commercial real estate firm CBRE, and defense technology company Anduril.
CTV News
a day ago
- Business
- CTV News
Fintech Ramp secures US$22.5 billion valuation in late-stage funding round
A man holds a phone and a banking card in this undated stock image. (Mikhail Nilov/ Ramp said on Wednesday a late-stage funding round led by investment firm ICONIQ valued the fintech at US$22.5 billion, as it aims to accelerate its AI agent rollout with the fresh capital. The fintech sector is showing early signs of a rebound with a string of late-stage deals and exits after a years-long funding slump. New York-based Ramp, which offers corporate cards, payment services and expense management applications, was last valued at US$16 billion after it raised US$200 million at a Series E funding round in June. The company raised US$500 million in the latest Series E-2 round, taking its total equity financing to US$1.9 billion. The round saw participation from venture capital firms such as Founders Fund, GIC, Coatue, Thrive Capital and General Catalyst. Founded in 2019, Ramp enables tens of billions in purchases annually. It caters to more than 40,000 companies, including commercial real estate firm CBRE and defense technology company Anduril. Earlier this month, the company had launched its first autonomous artificial intelligence agents, which help clients in flagging fraud, updating policies as well as reviewing and approving transactions. 'We're focused on ensuring our only constraint is the scale of our ambition,' Ramp Chief Financial Officer Will Petrie said. The company said it began generating cash flow earlier this year. --- Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar
Wall Street Journal
a day ago
- Business
- Wall Street Journal
AI Finance App Ramp Is Valued at $22.5 Billion in Funding Round
Ramp, a startup that uses artificial intelligence to automate corporate finance tasks, on Wednesday said it had raised $500 million in its latest funding round. The Series E-2 round, led by Iconiq Growth with participation from existing investors including Founders Fund and D1 Capital Partners, values the startup at $22.5 billion, it said.
