- U.K.-based Ramp raised $5 million in Seed funding for its business forecasting tools.
- This marks the company’s first round of funding.
- The round was led by AlbionVC and Eurazeo with participation from Triple Point Ventures and a group of Angel Investors.
Business forecasting company Ramp (not to be confused with business finance automation startup Ramp) raised $5 million in Seed funding this week. The round was led by AlbionVC and Eurazeo with participation from Triple Point Ventures and a handful of Angel Investors.
Ramp, which plans to use the funds to streamline and scale client onboarding, offers businesses forecasting tools to help finance teams enhance revenue predictions. The company aims to replace the Excel spreadsheets many businesses use for revenue forecasting with a more sophisticated tool. Ramp’s technology enables businesses to run scenarios and forecast in a matter of minutes and predict customer behavior, future revenue, and annual growth.
“Our platform dramatically increases the accuracy of revenue forecasting in a fraction of time it would take in spreadsheets,” said Ramp Chief Strategy Officer and co-founder Angus Lovitt. “What took us all a day in terms of number crunching we can now do in minutes. Yet what really excites me about the platform are the strategic decisions we empower businesses to make.”
Lovitt brings his experience from the computer gaming world to Ramp. He helped scale the popular Candy Crush game during his tenure at King Digital Entertainment. Lovitt also carries over his connections to the gaming community. He has brought on a handful of gaming clients– including Space Ape Games, FRVR, Pixel United, and Netspeak Games– to Ramp.
U.K.-based Ramp was founded in 2018 and specializes in cohort-based forecasting. With an ambition to become a tech unicorn, today was Ramp’s first round of funding. “Our long term goal is to position Ramp as a single source of truth for the future of businesses, from which prescriptive and proactive analytics services can stem,” said company CEO Dan Marcus. “We’re at the forefront of this new product category and it’s great to have such renowned investors believe in this vision and join us on this journey.” Marcus described the VC funding process in a recent blog post.