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ResearchThree Things (8/23)

Three Things (8/23)

Aug 23, 2023

We decided to raise additional capital for one reason: to create more value faster for our customers." - Eric Glyman , Co-founder & CEO, Ramp

Ramp revs up

Expense management startup Ramp has successfully raised $300 million in a round co-led by Thrive Capital and Sands Capital, resulting in a valuation of $5.8 billion. Ramp has been broadening its offerings, acquiring Cohere.io for AI-powered customer support and entering the procurement space to serve diverse enterprises. The new funding will be used to fuel further product development and expansion into new sectors. 

Despite a previous valuation drop from $8.1 billion in March 2022, Ramp has secured a total of $970 million in equity funding and $700 million in committed debt funding since its inception in 2019. Amidst a challenging fintech funding environment, the achievement is no small feat. (TechCrunch)

Arm's chip in the IPO game

The highly anticipated IPO of SoftBank-owned chip designer Arm is taking shape. The British company filed paperwork on Monday to go public as early as September and is likely to become the most valuable company to complete a US IPO since 2021, with an expected valuation of over $60 billion.

Arm's IPO will serve as a barometer for the broader IPO market's comeback after an 18-month drought. While smaller players like Cava and Oddity Tech have sparked optimism, the big shots are biding their time to see if conditions have actually improved. Time will tell. (Financial Times)

Dude, where are the (affordable) cars?

Auto prices in the US have skyrocketed, with only one new car model selling for under $20,000 in 2023 while luxury models priced over $100,000 offer 32 options. The average American now needs 42 weeks of income to afford a new car, up from 33 pre-pandemic. Used car prices have likewise surged over 30%, with higher interest rates exacerbating the problem. 

Despite a robust job market, delinquency rates for auto loans have risen to their peak, potentially attributed to automakers' pandemic-driven pricing power favoring pricier vehicles. If consumer resistance grows, the market will struggle to sustain itself. (WSJ)


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