RAMP

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• neutral endorsement Chamath Palihapitiya

  I prepared a list of factors to see if your thesis around VC money being 80 to 90% of the top 1% of AI spend. But he said, 'Chamath's actual estimate is pretty much correct.'

• neutral fact_claim Max Freeman

  It's meeting response rate is like you can get a 5% response rate. But if they're saying, please never email me again or opt out or fuck off, that's not directionally helpful. ... how many convert to a meeting? ... just a hair under 1% is really, really strong standard.

• bullish fact_claim Max Freeman

  We have a growth engineering team. Yeah, I think there's at least half a dozen engineers that truly obsess over building products for go to market.

• bullish assessment Max Freeman

  You still allow for manual outreach from your sales team because they, to your point, if you're going to send 20 unbelievably curated notes, the likelihood of those getting responded, sure, it is higher. And then the system can identify that, take that feedback, pull it in and start actually doing it at scale.

• bullish fact_claim Max Freeman

  We built our own internal infrastructure to help automate a lot of our outbound. And that's what OATS is an acronym for, Outbound Automation Team.

• bullish assessment Max Freeman

  You need to obsess over growth as it's existential for our business.

• bullish endorsement Max Freeman

  I give a lot of credit to Kareem early on with providing engineering resources to myself to build out our OATS program super early on in the business.

• bullish assessment Max Freeman

  first engineers that I met at RAMP were otherworldly. It's like the youngest person to ever graduate from MIT. Someone that had already built and sold a business to Apple in his dorm room at Stanford. You know, the IOI gold medal Olympic track. That's what you want to underwrite. And then the fact that Eric and Kareem had already built and sold a business to Capital One, that doesn't happen by accident.

• bullish assessment Max Freeman

  The card business, it's a trillion dollar plus a year market. Expense, same thing. Bill payments, multi-trillion dollar a year market. Travel, multi-trillion dollar a year market. Banking, multi-trillion dollar a year market. So you don't even have to be a good business to find a way to grow. So just given those dynamics, the fact that you have the market leading product, you have the most talent dense engineering roster that looks more akin to that of a lab, that of a SpaceX, you're going to wi

• bullish endorsement Unattributed

  Ramp is the presenting sponsor of this podcast, and the way that Ramp helps their customers win is by helping you save time, save money, and grow revenue. The median company running on Ramp cuts their expenses by 5%. The median company running on Ramp also grows their revenue by 16%. So when you're running your business on Ramp and your competitors are not, you have a massive competitive advantage that compounds over time. Ramp is the only all-in-one platform designed to make your finance team f

• neutral fact_claim Unattributed

  In fact, Ramp uses Vanta, which was a huge positive indicator for me because Ramp is so stringent on buying software instead of building it themselves.

• bullish endorsement Unattributed

  Ramp helps many of the most innovative businesses in the world do exactly that. The median company running on Ramp cuts their expenses by 5%. A religious dedication like the one Pulitzer had to controlling your costs also helps increase revenue because you can pursue opportunities you couldn't otherwise.

• bullish fact_claim Unattributed

  The median company running on Ramp cuts their expenses by 5%. And one thing that SpaceX has demonstrated is that a religious dedication to controlling your costs helps increase revenue because you can pursue opportunities you couldn't otherwise. And we see that in the Ramp data too. The median company running on Ramp also grows their revenue by 16%. So when you're running your business on Ramp and your competitors are not, you have a massive competitive advantage that compounds over time.

• bullish endorsement Unattributed

  We use RAMP at TFR and it's been a game changer. As our preferred partner, they're offering listeners $150 just to take a demo.

• bullish endorsement Unattributed

  Many of the top founders and CEOs that I know run their business on Ramp. I run my business on Ramp and you should too.

• bullish endorsement Unattributed

  Ramp is the only platform designed to make your finance team faster and happier.

• bullish assessment Unattributed

  So when you're running your business on Ramp and your competitors are not, you have a massive competitive advantage that compounds over time.

• bullish fact_claim Unattributed

  The median company running on Ramp also grows their revenue by 16%.

• bullish fact_claim Unattributed

  The median company running on Ramp cuts their expenses by 5%.

• bullish endorsement Unattributed

  This episode is brought to you by Ramp, the spend management platform we use here at TFR. They're offering listeners $150 just to take a demo. We've never had an offer quite like this.

• bullish endorsement Unattributed

  Ramp helps many of the most innovative businesses in the world do exactly that, and they do this by using first principles thinking. The median company running on Ramp cuts their expenses by 5%, and one thing that SpaceX has demonstrated is that a religious dedication to controlling your costs helps increase revenue because you can pursue opportunities you couldn't otherwise, and we see that in the Ramp data too. The median company running on Ramp also grows their revenue by 16%. So when you're

• bullish assessment Unattributed

  It doesn't mean every Ramp company works. But it's that, again, the confidence that I've seen this is like, if I can figure out where the money is, I can run faster and get, you know, I can win. I can beat Brex. I can come into an established category and dominate it.

• bullish fact_claim Unattributed

  the Ramp team in general, in general, the leaders and founders we see from Ramp, they are just revenue hunting missiles.

• bullish assessment Delian Asparouhov

  ramp is never really been branding or tried to make itself an AI company. I think, you know, part of it is other competitors in that space have tried to brand themselves AI companies as a way to fundraise because their metrics stock rip has never really had to do that. And so, you know, they do use AI genuinely, because it improves their business, not as a marketing, you know, sort of stick.

• neutral fact_claim Delian Asparouhov

  The first is the number of net new RAMP customers that are choosing to begin investing in AI rather than currently expanding in it has actually roughly leveled off.

• bullish endorsement Delian Asparouhov

  Well, I want to sort of first give a shout out to one of the best AI companies in our portfolio that generated that report, which is RAMP. And so I will say at Founders Fund, we generally don't believe in telling our companies how they should run themselves, what tools they should use, what makes it most effective. The one thing that we do tell them is we do tell them to all use RAMP.

• bullish endorsement Unattributed

  designed to help you save money basically it puts money back in your pocket it's called ramp and we use it here at launch my coo heidi our chief operating officer loves it because ramp gives you visibility into your company's software usage this is going to help you trim your subscription costs and it allows you to issue cards to every employee and then give them limits and restrictions so we do this sometimes we'll have the whole team go to an off-site we send everybody a ramp card everybody ha

• bullish endorsement Unattributed

  Well, with ramp, you can ramp is the corporate card and spend management software designed to help you save time and put money back in your pocket. And you don't have to wait to see benefits. The average ramp customer hits 5% savings in their first year here at launch. We love ramp.

• bullish endorsement Chamath Palihapitiya

  ramp the corporate card and spend management software designed to help you save time and money get 250 when you join ramp today at ramp.com

• bullish endorsement Unattributed

  It's called Ramp. And we use it here at launch. My COO, Heidi, our chief operating officer loves it because Ramp gives you visibility into your company's software usage. And this is going to help you trim your subscription costs. And it allows you to issue cards to every employee and then give them limits and restrictions. So we do this. Sometimes we'll have the whole team go to an offsite. We send everybody a Ramp card. Everybody has a certain amount of money they can spend, and they don't have

• bullish fact_claim Packy McCormick

  ramp was was an investment stitch, which just raised at a billion dollar valuation.

• bullish assessment Eric Glyman

  What's unique about, uh, agents is I, I think there's a lot of jargon around this. Um, as I think of them as models plus tools, um, you know, they're not just the model response, but you give them permission to go do something on your behalf. Uh, whereas intelligence might've said, I suggest you categorize it in this way. I think this might be fraud. Uh, an agent will go, uh, and can automatically approve that report for you, uh, can go, uh, actually initiate the buying purchase, um, or process

• neutral fact_claim Eric Glyman

  you have to do this. ... you invest a lot in, um, benchmarking, uh, and different tools to kind of go and see what's the accuracy of the models for certain tasks. And it turned out that for 90% of tasks, um, roughly it is a hundred percent accurate. And for 10% of tasks, it is completely inaccurate. And so once you learn, once the models are good at, what you do is you take this 90% of traffic that works really well, and you send it to the low cost model here. And this last 10% of traffic, you s

• neutral fact_claim Eric Glyman

  we use a lot on accounting automation, bill payment automation, procurement automation.

• bullish assessment Eric Glyman

  ramp is not only faster, but more accurate, um, you know, really then, uh, almost all accountants, um, you know, using the platform.

• neutral fact_claim Eric Glyman

  open AI had their, their dev day and they highlighted, it was only 30 companies ever, um, that have consumed more than a trillion tokens, uh, on their model and ramp was one. So, um, we're a very, very heavy user of these models.

• bullish fact_claim Eric Glyman

  with ramp we were the first, uh, in the world and still one of the only companies on the planet where you can one click, whether it's on one merchant or 10,000, you know, merchants, 10,000 cards. Um, you can say, I don't want to pay for, um, this gym anymore. And every other merchant in, in the world can charge your card except for that one. Um, that should exist on other cards, but somehow it doesn't. And you know, when you're running a, a company, um, things like this happen all the time. You,

• bullish fact_claim Eric Glyman

  we were, you know, help companies cut their expenses by 2% per year. You know, now it's upwards of five. And I think that's too low. I think it should be closer to 10.

• bullish assessment Eric Glyman

  a dollar saved is not equivalent to a dollar earned. You know, a dollar cut of cost is mathematically equivalent to $12 earned if you were trying to get more profit dollars. And so we think that actually reducing cost and helping people spend less ramp helps businesses spend more than 5% less every year is just much more powerful than, you know, the points and rewards.

• bullish assessment Eric Glyman

  something like 2% of all corporate and small business card spend in the U S is, is, is happening on ramp, but 98% is not. Uh, and so, uh, I think there is a good point of, we want to find ways to efficiently, uh, deploy more capital.

• bullish fact_claim Eric Glyman

  we, we, we passed over a billion a year in revenue. Um, the business is just about doubling and, um, you know, we're doing it while generating cash

• bullish assessment Eric Glyman

  we do have a component, um, where you can add on, uh, paid seat based software. Um, it is an extraordinarily fast growing business line. Um, you know, it's, it's, uh, you know, two years old and, uh, you know, already the second largest, uh, component of what we do.

• neutral fact_claim Eric Glyman

  we actually want to help our customers spend less money, uh, not more.

• bullish endorsement Unattributed

  Well, this is just such a great startup tip. If you can create data that comes out on a regular basis and people cite it on podcasts or journalists do, that's how Zillow with this estimate... And there's an implied, like, oh, well, this person, Eric, is smart because he has data.

• bullish fact_claim Eric Glyman

  And then more interestingly, you can, this is even broken down in a product I love in the in ramps product called price intelligence. And then accounting automation, where you can see, you know, maybe you get a quote from a vendor like Salesforce, they tell you it'll be $300 per seat, you can upload that contract and see here's what the rest of the market is paying.

• bullish assessment Jason Calacanis

  And this information, people used to trade on information like this at hedge funds where it was available for purchase. ... you could maybe make some trades on how Walmart versus Target are doing and make a couple of basis points.

• bullish endorsement Unattributed

  I think the leaderboard was kind of interesting. ... So these are the top SaaS vendors from last month across all of your customer base, which is startups, right? Or mostly startups.

• bullish assessment Eric Glyman

  And through that, it turns out it's an incredible index in an aggregated and anonymized way to get a sense of what's actually happening in the economy.

• bullish fact_claim Eric Glyman

  We're now ramp customers over 50,000 organizations are spending more than $100 billion per year across the platform.

• bullish endorsement Unattributed

  All right, so next up on the docket is someone that I've known for a long time, Eric Gleiman, the co-founder and CEO of Ramp. If you don't know Ramp, they started off their life in the realm of corporate cards. They've expanded quite a lot since then, bringing AI agents to the fintech use case for all companies out there. Jason, they're a mega unicorn. They're doing incredibly well.

• neutral fact_claim David Friedberg

  In the Series A, they do join the board. And that gives them two swings at bat. The seed fund can just make these 500K to $3 million checks. They can put 40 of those investments maybe into the $200 million fund for about $5 million on average.

• bullish assessment David Friedberg

  So, you can look at those two, and you can see that they have discipline. I don't think they want to chase the average return. No.

• bullish prediction David Friedberg

  They'll be with Grab in Malaysia and Singapore. They'll be with DD in China. They'll be with everybody.

• bullish fact_claim David Friedberg

  WeRide and Uber have launched their robo-taxi in Riyadh.

• neutral fact_claim Unattributed

  And San Francisco, they've been testing. Germany, they've been testing all over the place.

• bullish assessment David Friedberg

  Yeah, Wave is probably under-reported on. They have tests going on in UK, which is where I think they're based.

• neutral fact_claim Unattributed

  They made something called the Ghost Gym back in 2023.

• bullish assessment Unattributed

  But now I'm getting through work so quickly. So this is inducing a massive amount of extra activity on Google services. Then you start using Google Docs and you see the AI assistant or Excel and the AI assistant will do the formula for you. That's going to make you use these products more.

• bullish assessment Unattributed

  Google is really, I think, the most interesting one. They're up 40% this year of their stock because people were like, they're going to get killed. So last year, search was going to get killed. As I said on this program and the other program, my thesis is people are going to be doing more searches and that the pie is going to continue to get bigger. Why? The answers are better. And if the answers are better and you solve problems quicker, you still have a certain amount of time. You will be more

• bullish endorsement Jason Calacanis

  Yeah. So listen, a million and fraudulent. This is another one of these stories to get us to mention Ramp, who's not an advertiser. I love it, though. They're so good at it. So I'll give them credit this one last time. But from now on, we won't mention any content marketing. With peace and love, any content marketing must be scrubbed from the docket. I was going to skip the whole story, man.

• bullish endorsement Unattributed

  Ramp is private. We're all voting on this is going to be a very important company.

• bullish fact_claim Unattributed

  Navon's growing in the 30s, Jason. So not anything like as quick as we're seeing from ramp itself.

• neutral prediction Unattributed

  If they're tripling, the multiple is a third of what it is.

• neutral prediction Unattributed

  So if they're trailing $1 billion, what's the forward looking like? If the forward is looking like they are going to double revenue next year and they're going to be $2 million, well, then that multiple gets cut in half.

• bullish fact_claim Unattributed

  The question for Navon is what's their growth rate? Because when people do make these investments and you get a really lofty valuation, it's typically indicative of a high growth rate, which is exactly what ramp was going on about here. And the whole news peg here is that they're growing 10 times faster than the public stats markets.

• bullish assessment Unattributed

  The thing is, Navon went public the other day and this is the rebranded Trip Actions. Mostly it's a platform that helps companies book travel, but they also have some kind of corporate spend work in there. So it's a bit of a loose comp to overseen here from ramp. It's struggled post IPO. It's just not done that well. And I thought that was going to take some of the enthusiasm for these products away for a bit. But no, it seems that ramp is just doing so well that it's transcending category conce

• neutral criticism Unattributed

  It's definitely some PR person spent a lot of time on intelligent money. Let's just explain what they do. They do expense tracking. They do procurement and making sure that things are labeled properly.

• bullish endorsement Unattributed

  Their pitch, though, is that their use of AI is turning money into essentially something more intelligent. I think their point was that for a long time, spend costs and how money was moved around companies was kind of hidden behind static rules. And it was a little bit opaque and ossified. And so their pitch is that their AI agents, they have an agent for procurement, they have an agent for compliance and so forth, are turning money into something that's more intelligent and less stupid. And the

• bullish endorsement Unattributed

  Super impressive stuff. I mean, it's a company that's just been crushing it.

• bullish fact_claim Unattributed

  Ramp has raised 300 million dollars more. This came out just before we went on air. The company is now worth 32 billion dollars. The company's revenue doubled to a billion dollars over the last year. So this is not a run rate metric, Jason, which is a little bit odd. I think it's a trailing number, which is pretty baller, frankly, from them. And they see they're growing about 10x faster than the median public SaaS company.

• bullish assessment Unattributed

  like ramp. That's like their whole thing is like, we, you want to spend less money. We also want you to spend less money, unlike a credit card, like our interests are aligned.

• neutral fact_claim Chris

  Stripe for payments, ramp for expenses, Hanover Park for investments. Ramp was a credit card company at one point. Remember that? It was a corporate expense charge card company. Yeah. Remember they're in AI, they're now an AI finance lab, right?

• bullish endorsement Eric Gleiman

  we're thrilled to be launching token spend management today it's available to ramp and non-ramp customers and he's exactly right over the last year i looked at the stats this morning token spend among ramp customers has grown by 21 times 21 times 21 times not 21 we're talking about 21 times that's exactly right so being off by a few pennies as a cfo uh actually might be quite nice at the rate it's going it might be several dollars and and look like i think that for uh many cfos they're often ver

1. 2028-02-05 They'll be with Grab in Malaysia and Singapore. They'll be with DD in China. They'll be with everybody. · Prediction · confirmed

VentureSignalScore 78.3/100 for ramp, composed from 1 of 4 components (index v0 cross-signal), discounted ×0.79 for 30% signal coverage