Spend management startup Ramp announced on Tuesday that it raised a $200 million Series E led by its largest investor, Founders Fund, at a post-money valuation of $16 billion. This is a jaw-dropping $3 billion increase over the $13 billion valuation Ramp announced just a few months ago in March, after a $150 million secondary share sale.

Its current valuation is also more than double the $7.65 billion post-money valuation Ramp hit a little over a year ago when it raised $150 million. CEO Eric Glyman is remaining mum about revenue figures, although in March he said revenue had experienced “incredible growth” over the previous figures it released. In the summer of 2023, he said Ramp had passed $300 million in annualized revenue.

Other VCs, largely existing investors, who participated in the Series E round include Thrive Capital, D1 Capital Partners, General Catalyst, GIC, ICONIQ Growth, Khosla Ventures, Sands Capital, 8VC, Lux Capital, Stripes, 137 Ventures, Avenir Growth, and Definition Capital.