Ramp Seeks Valuation Bump to $11 Billion in Share Sale

Ramp, the business card and expense software startup, is discussing selling shares held by employees and other stockholders at a price that would value it at $11 billion, two people familiar with the deal said.

That price would be 35% above Ramp’s highest valuation, set in 2022—near the end of the low-interest-rate funding boom—and would extend its rebound from a down round 15 months ago. The anticipated high valuation shows how fortunes are improving for mature startups that still boast rapid growth.