The round was co-led by existing backer Thrive Capital and new investor Sands Capital.Ramp now serves more than 15,000 firms, and since its last raise has expanded into advanced spend management software, procurement, travel, accounts payable, working capital, global coverage, and intelligence.The firm claims to have saved users over $600 million and 8.5 million hours, with the average customer spending 3.5% less after adopting Ramp.In a blog, Ramp CEO Eric Glyman says: "We decided to raise additional capital for one reason: to create more value faster for our customers." This means spending on hiring, product development and moving into adjacent areas.Acknowledging the lower valuation, Glyman writes that "given the broader startup market valuation reset and increased cost of capital, we know it reflects exceptional performance by our team and support from our customers".