01:12:49 · Tyler, John Coogan, Jordi Hays, Eric Glyman
[01:12:49] S2: It it feels a little bit like all the people at OpenAI are throwing in the towel a little bit. No one is no one is vague posting over there. Yeah. I [01:12:57] S0: I would I it feels like they've they've launched a lot of the things that would be easy, like, layups. Like, if they launched Sora this week, everyone would be like, oh, wait. We gotta focus on Sora. These videos of Sam Altman stealing GPUs are just too funny. Doesn't matter what happened in in Gemini three world because Gemini three probably will They be a released little Yes. [01:13:18] S1: OpenAI, the IO acquisition Yes. Week of Google IO. [01:13:22] S0: Yes. Yes. [01:13:23] S1: Yes. Turns out, like, they couldn't I don't think they could use the name IO. Like, they they got that, like, trademark lawsuit right away. [01:13:30] S0: Just like we big news. We hired three Geminis. Their birthday is in the month that makes them Geminis, and so we're introducing them today. And we're doing a whole press release for it, I think. [01:13:40] S1: The new Gemini team. Gemini At OpenAI. [01:13:43] S0: At OpenAI. Just anything to to steamroll the SEO. It will be fun. Well, we have Eric Lyman from Ramp in the Restream waiting room. Let's bring him into the t u p and l for now. Eric, how are you doing? [01:13:55] S1: Yellow suit. What? [01:13:56] S0: Did you not get the memo? Get the [01:13:58] S7: oh my gosh. Guys, I'm, I'm on the road today, but, I'm gonna be wearing my yellow suit all week. It's so good to see you guys.
01:13:58 · Eric Glyman, John Coogan, Jordi Hays
[01:13:58] S7: oh my gosh. Guys, I'm, I'm on the road today, but, I'm gonna be wearing my yellow suit all week. It's so good to see you guys. [01:14:06] S0: Good to see you too. Good to see you too. Give us the update. What's the latest? What happened? [01:14:12] S7: It's so so today, Ramp announced a $300,000,000 raise at a $32,000,000,000 valuation. [01:14:23] S1: Congratulations. They've done it again. [01:14:26] S0: The big question everyone wants to ask. The chat's going crazy. Is the job finished? [01:14:33] S7: Guys, the job is not finished. [01:15:07] S0: The the thesis behind the round.
01:15:09 · Eric Glyman
[01:15:09] S7: Of course. So I think if you start look at the fundamentals of the business, Ramp is just competing in a category of its own. Mhmm. You know, the company companies, generally, the bigger they get, the more they slow down. Ramp is growing faster this year at significantly larger scale than we did last year. Mhmm. So this is, you know, at over a billion dollars a year in revenue, The business is doubling. It's generating cash. And if you look at gross profit specifically, which is a good metric of how efficient, are the underlying mechanics of the business, we're growing 10 times faster than the median publicly traded software company. So it's just in a category of its own. I think on top of this, AI has just been an incredible accelerant, for the business itself. There's pull from from customers. Everyone was thinking about how can I, take what's happening in AI and apply it to to my business? And there's a push of these models are getting dramatically better. And so outcomes like automated expenses, automated accounting, moving funds to higher yield for for customers are are are just coming out of the box. And so, you know, I I I would say if we were to sum it up, I think for many millennia, money talked. We're keeping money to think. And I think the implications of that are are pretty profound, you know, better run businesses, more profitable organizations. And so that that's the first part. The second part, we're we're absolutely thrilled to be, deepening our partnership with Lightspeed, who led this round. I I think they're an extraordinary firm, led, the rounds of many great companies, I think, notably, Anthropix round earlier this year, which has proven to be, I think, one that's, you know, changed the industry quite a bit. And I think they've just been a great partner in in deepening our thinking, helping us grow. And so we're we're very excited.
01:16:58 · John Coogan, Jordi Hays
[01:16:58] S0: Talk about accelerating at scale. This morning at breakfast. Jordi and I were reflecting on the fact that we were feeling this way even with our much smaller organization. We were like, wow. Like, it's only been a year, and we feel like we're already losing some of the agility that we had when we were just three people. And we were saying, like, I understand what was this thing you said? You said, I understand why companies write down their principles because it's so easy to lose sight of what is important great. What makes you great, what what you do specifically. And so I would love to know just your [01:17:36] S1: reflection Yeah. Even across this year, like, lot of us, the process of making the show better is us remembering the things that we did great early on and that you kind of end up losing your way in slight ways, and then it's about remembering that and kind of coming back to [01:17:50] S0: it. Yeah. So I'd love I'd love to know both what are the things that make Gramp great, but then also your thought process for not losing that? Because I imagine you agree that that is important to have principles and re and redouble the focus on them.
01:18:06 · Eric Glyman
[01:18:06] S7: I love that you asked about this because I I think it gets to the heart of what we're trying to do inside of the product. Right? If you think about probably your your very first year, every dollar out of the organization was something you thought about. Someone wants to buy a software subscription, you know exactly why someone proposed a consultant. It's a debate over it. Everyone knows who approved what was this this this purchase worth it or not? And, you know, years later, suddenly, businesses just start happening to you. You're not happening to the business. Things are renewing on autopilot. Things you you you thought carefully about or or or just running on its own. And what we're really trying to seek to do in the product is when we say money that that that that that that thinks, you know, it's the idea is that before funds leave your account, we understand the principles that you run your business, and we check, does someone have the permission to spend it? It is memory. So once the thing actually moves, you don't need to ask, like, why did we buy this thing? What was it? Like, there's an audit trail of who approved it. Budgets are updated, and then there's reasoning. And so we can actually start to show businesses. Here's how you can get more of every dollar an hour. And so I think that's what's so different. You take things that used to be systems running to now there's checks in the system. And and I think for us, it it it's it's an interesting moment, right, where as a company, we we launched our first product, simple product card and expense, about five years ago. Today, we're two thousand four hundred and thirty six days old. We still count the days. And the reason is, we want to be thinking about, you know, with every day, are we getting just a little bit more done or a little bit less done, in kind of this practice of, thinking about kind of the passage of time, auditing our calendars, asking, you know, you know, are we getting more work done, with the same or less amount of effort, goes a long way. And then last, I would say specific to to you guys, I think part of why I I we've just felt so proud to work with both of you and call TPP and our partners is I think there's this, like, unbelievable care of craft. I think there's it's not about who's done everything.
01:20:11 · Eric Glyman, Jordi Hays, John Coogan
It's like who can write great copy, who can think of funny ideas, how can we take an idea to you know, we're we're doing it tomorrow. And I I I think that you guys have have really lived. I mean, feel forget a year ago, TBPN. I I don't even think you guys were called TBPN, or was it? You know, you've turned into something great. And so I I I I feel strongly you guys don't have trouble with this, and I I think just emphasis on speed and quality and craft has been what I've seen Yeah. With you guys. [01:20:38] S1: No. Totally. Something I was thinking about, we were reading that Karpathy post earlier around how software one point o was, like, kind of more general automation. Software two point o is your automating tasks that are verifiable. Verifiable tasks. And I just feel like finance is, like, just, like, prime for verifiability. Right? Because it's like, well, was this in in the policy or outside of the policy. Right? So Totally. [01:21:05] S0: Yeah. I'd I'd love to know Or