Aug 22 (Reuters) - Ramp, a developer of financial management software, has raised $300 million in its latest funding round to accelerate expansion in new categories, the company said on Tuesday, notching up a valuation of $5.8 billion.
The new funding is at a lower valuation from the $8.1 billion achieved by the New-York based startup in a funding round last year, a spokesperson of the company confirmed.
The latest funding round was co-led by Thrive Capital and Sands Capital along with existing investors Founder's Fund and General Catalyst among others.
Previous investors in the fintech include Microsoft Corp (MSFT.O) CEO Satya Nadella, Goldman Sachs (GS.N), Redpoint Ventures and Thrive Capital.
The financial management company intends to expand its software into adjacent categories in an attempt to make customer's businesses more "efficient", said Chief Executive Officer Eric Glyman.
Persons:
Satya Nadella, Goldman Sachs, Eric Glyman, Pritam Biswas, Shailesh
Organizations:
New, Sands Capital, Founder's Fund, Catalyst, Microsoft Corp, Redpoint Ventures, Thomson
Locations:
York, Bengaluru