Ramp secures $13 billion valuation in deal allowing employees, investors to sell shares

Financial technology startup Ramp is letting some employees and early investors cash out in a new deal that values the company at $13 billion. The New York company announced the $150 million deal Monday. Khosla Ventures, Thrive Capital and General Catalyst were among the entities that bought shares in the round. The financing marks a step up from Ramp's peak valuation of $8.1 billion in 2022. Ramp also raised a so-called down round that pegged the company's price closer to $5.8 billion in 2023. The rebound in value shows some renewed investor appetite for high-growth startups, even in an era of higher interest rates. The deal is also the latest in a string of private companies letting employees cash out shares and lowering the pressure on themselves to go public. Stripe last week announced a tender offer that valued the company at $91.5 billion, helping its valuation rebound close to its peak of $95 billion. Co-founder and President John Collison told CNBC that Stripe has "no near-t ... Read full article.