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Ramp closes £4.1m for automated revenue forecasting

Image credit: Ramp

London-based software startup Ramp has closed $5m (£4.1m) in seed funding for its automated revenue forecasting tools.

The investment round was led by AlbionVC and Eurazeo. Ramp co-founder and chief strategy officer Angus Lovitt launched the company after encountering poor financial forecasts during his time as VP of marketing for King Digital Entertainment, makers of the app Candy Crush.

“What took us all a day in terms of number crunching we can now do in minutes,” said Lovitt.

“Our platform has given some businesses the confidence to invest in growth through marketing, while others the evidence to cutting costs or shuddering services.”

Lovit co-founded Ramp along with CEO Daniel Marcus and COO Jan Pickard in 2018. Before Ramp, Marcus and Pickard co-founded Magnetic Software, which was acquired by Silversoft.

Targeted toward business CFOs and finance departments, Ramp uses machine learning to predict revenue and user growth.

Paul Lehair, investment director, AlbionVC, said: “As an ex-CFO of a B2C startup, I was blown away by Ramp’s unique approach to solving the business-critical problem that is forecasting.”

Other investors in the Ramp seed round included Cleo CEO Barnaby Hussey-Yeo and former King COO Stephane Kurgan.

Earlier this year AlbionVC led the £37m Series B in digital health app Peppy.