Kevin Hartz’s Post

I'm proud to announce that Cape raised $61 million from top investors A* and Andreessen Horowitz to accelerate our work building America's privacy-first mobile service. This is a big step for Cape and I wanted to share my thoughts on how we got here, why privacy matters, and how the cellular network is key to regaining control over our personal data and identity. Read more here: https://lnkd.in/ekAVCXzS And don't miss the career tab-- we're hiring. XYZ Venture Capital Costanoa Ventures Point72 Ventures Forward Deployed VC ex/ante Karman Ventures

TODAY IS A BIG DAY!  We are officially launching Yaysay - a discovery-based shopping app that uses AI-powered personalization and gamification to bring the thrill of off-price treasure hunting to your fingertips. We are thrilled to have raised $10.3M in seed funding from Lightspeed Venture Partners, with participation by A-Star Partners, Shrug Capital, True Equity, Afore Capital, Raven One Ventures and Red Antler. Thank you to TechCrunch and Lauren Forristal for announcing our launch! Give the article a read to learn more about how we are breathing new life into mobile shopping and transforming unbeatable deals from incredible brands into addictive bites of fun. If you like shopping at TJ Maxx, we think you’ll LOVE shopping at Yaysay.  We hope you’ll give us a try - we can’t wait to become your new daily shopping habit!

Thrilled to announce that we’ve raised a $300M Series D at $5.8B post led by Thrive Capital & Sands Capital, along with our existing investors like Founders Fund, General Catalyst, Lux Capital, Definition and more. I couldn’t be more proud of our performance since our last raise. We’ve grown our customer base by 4X and annual purchase volume by over 6X. Ramp launched our first product 3.5 years ago – we’ve already crossed $300M in annualized revenue. I’m deeply proud of the quality of investors we’re partnering with. One example - I've long admired Kenneth I. Chenault (former Chairman & CEO of American Express) and am grateful for the chance to work with him, the General Catalyst team, and our full base of investors and partners more closely. We raised this round for our customers – to let us accelerate our roadmap & build better, faster. — There’s an old VC adage – ”Give me a valuation, & I’ll give you terms.” This round was as straightforward as possible: No ratchets. No participating preferred shares. No kickbacks that artificially inflate our valuation and misalign the interests of investors, management, & employees. Preferred and common shares were priced equally. We make our best decisions when we embrace reality. The reality is simple: the interest rate environment has changed, our cost of capital has increased, and our current valuation reflects that. While our valuation is lower than our peak from late 2021 amidst a broader market reset, we know it reflects exceptional performance by our team and support from our customers. I’ve never had more conviction in where Ramp is going. In the last three months, we’ve: - Announced Ramp Plus, a new paid edition of our platform for our most financially complex customers - Announced Microsoft CEO Satya Nadella as an investor & advisor - Launched Ramp Intelligence, which uses LLMs to generate savings insights for finance teams - Acquired Cohere, an AI-powered customer support platform Nothing gives me more confidence in the direction we’re going than the hard work the Ramp team puts in every day. This round is a testament to your earnest work ethic, commitment to velocity and quality, and dedication towards helping our customers become more profitable versions of themselves. Thank you. Today is just the beginning. 👇 https://lnkd.in/eBATPsDn