B2B finance automation platform Ramp acquires Venue to revamp procurement product

Ramp, a finance automation platform for businesses based in New York, has acquired procurement start-up Venue to enhance its procurement product suite.
The acquisition includes Venue’s team, which will lead various initial projects for Ramp, focusing on features such as customized intake forms, flexible approvals, purchase order management, and AI-powered vendor management.
Ramp’s existing product suite includes corporate cards, working capital, expense management, and accounts payable products.
Venue, based in New York as well, specializes in helping companies manage vendor relationships and provides a solution integrated into the Ramp suite for finance teams to have full visibility into employee and business spending.
The start-up Venue, founded in 2022, claims to have raised $1.2 million in financing with support from Sequoia Capital, Exponent Founders Capital, and Basecase Capital.
The acquisition has prompted an overhaul of Ramp’s procurement function, introducing new features such as a contract review process, accounting platforms synced with purchase orders, and stakeholder collaboration tools, exclusively available to Ramp Plus users.
Eric Glyman, CEO of Ramp, anticipates that these newly launched products will save employees from time-consuming manual tasks and enable companies to operate more nimbly.