Grace Ashiru
Ramp, a global decision science start-up headquatered in the United Kingdom, recently raised $5 million in seed financing. AlbionVC headed the seed funding round, with Eurazeo also participating.
The extra funds will be applied to speed up the onboarding of new customers.
Why the Investors Invested
Paul Lehair, the investment director at AlbionVC, said that Ramp’s unique way of fixing the important business problem of forecasting blew him away. He was excited to back the team and hear they wanted to make a new market leader.
Eurazeo’s managing director for Venture, Tara Reeves, said that she thinks Ramp’s product will be very useful for teams working on product, finance, and marketing. She said that she was excited to help the team reach its goal of becoming a leader in this field.
What Ramp Does
Ramp was started in 2018 to give companies that still use spreadsheets for financial modeling an alternative.
The company’s main selling point is that it uses cohort-based forecasting, which makes its income forecasts much more accurate and cuts the time it takes to make them from weeks or months to just a few minutes.
Ramp’s tool predicts how customers will act, how much money they will bring in, and how much the company will grow each year.
Dan Marcus, the CEO, says that most quarterly goals that aren’t met aren’t because of how well the company did but because the estimate was wrong. Ramp’s platform has already helped several game companies, like Space Ape Games, FRVR, Pixel United, and Netspeak Games, be successful.
Ramp’s long-term goal is to become a single source of truth for companies by offering prescriptive and proactive analytics services. Jan Pickard, the company’s co-founder and chief operating officer (COO), said that the company’s experience growing businesses had given it a solid base for the future. Ramp’s headquarters are in the UK, and the company also has offices in South Africa.
