Ramp, a global decision science start-up headquartered in the United Kingdom, has recently closed a $5 million seed funding round. The seed funding round was led by AlbionVC, with participation from Eurazeo.
The new funding will be used to streamline the onboarding process for new clients.
Why the Investors Invested
Investment director at AlbionVC, Paul Lehair, stated that Ramp’s unique approach to solving the business-critical problem of forecasting blew him away. He expressed excitement about backing the team and their ambition to create a new category leader in this space.
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Tara Reeves, managing director for Venture at Eurazeo, shared her belief that Ramp’s product will be of great value for teams in product, finance, and marketing. She expressed her excitement to support the team in its mission to become a leader in this field.
What Ramp Does
Founded in 2018, Ramp aims to offer an alternative to businesses that continue to use spreadsheets for financial modelling. The company’s unique selling point is the use of cohort-based forecasting, which enables it to dramatically increase the accuracy of revenue forecasting, reducing the time taken from weeks or months to mere minutes.
Essentially, Ramp’s platform predicts customer behavior, future revenue, and the annual growth of a firm in real-time.
According to Chief Executive Dan Marcus, the majority of quarterly target misses are not due to company performance but rather to the quality of the forecast itself. Ramp’s platform has already been successful in working with a range of gaming companies, including Space Ape Games, FRVR, Pixel United, and Netspeak Games.
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Ramp’s long-term goal is to become a single source of truth for businesses, providing prescriptive and proactive analytics services. Co-founder and COO, Jan Pickard, affirmed that the company’s previous experience in scaling businesses has provided a strong foundation for the future. Ramp is based in the United Kingdom and has offices in South Africa.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard