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Hi friends 👋,

Happy Tuesday!

One of my goals for this newsletter (and Not Boring Capital) is to find a handful of generational companies as early as possible, write their story in chapters over time, and then publish the whole thing as a book when they IPO.

Ramp is the model. I first wrote about the company in December 2020, when it was valued at $300 million and doing something in the single-digit millions in revenue. Even then, it was obvious that something special was happening, and I invested both personally, before I had a fund, and then through Not Boring Capital.

But early hype often fades. What’s been most remarkable in writing about Ramp three times since is that each time, the new reality outruns the old hype.

Ramp is the rare company that gets better and moves faster with time.

Today, Ramp is announcing that it’s crossed $1 billion in annualized gross revenue while doubling year-over-year and generating positive cash flow. In celebration, I’m taking another snapshot in time to look at where the company has been, where it is today, and what it might grow into in the fullness of time.

This is the latest chapter in a story I’ve been writing for years, and plan to keep writing for many years to come.

Let’s get to it.

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Ramp at $1 Billion

A little over four years ago, on April 8, 2021, I wrote about Ramp’s Double-Unicorn Rounds.

At the time, Ramp was just two years old. In the piece, we announced that Ramp had raised not one, but two rounds. D1 led