Zip provides an AI-powered procurement orchestration platform with a consumer-grade interface that streamlines procure-to-pay workflows and connects legal, IT, security, and finance teams. Its platform has processed over $107 billion in customer spend and claims to have saved customers more than $4.4 billion in under four years, with 3x growth across large enterprises this year. Hundreds of large enterprises, including Snowflake, Discover, Sephora, Coinbase, and Northwestern Mutual, use Zip to increase spend visibility, enforce compliance, and accelerate purchasing. Zip will deploy the new funding to accelerate R&D, double down on its Procure-to-Pay product line, and expand into new product areas. The company plans to establish the Zip AI Lab to develop enterprise AI solutions that integrate with legacy systems. Zip is also broadening global expansion with a focus on EMEA, leveraging a new London office and an expanded EMEA team after over 200% growth in the region. Zip builds procurement software that manages intake-to-procure and intake-to-pay workflows, routing purchase requests for approvals across finance, legal, IT, security and integrating with ERP systems. The company added extended capabilities such as issuing purchase orders, invoice processing and payments. Founded in July 2020 by Rujul Zaparde and Lu Cheng, Zip plans to invest in new applications of generative AI and add AI-based capabilities to further streamline the intake-to-pay process. Zip has more than doubled its customer roster since May 2022, adding customers including Snowflake, Coinbase, Canva and Databricks. Nearly $1 billion per month is now being approved in the platform, and Zip reports $937 million in total tracked savings to date. The company says it has seen significant ARR growth since its Series B in 2022, though it does not disclose specific revenue metrics. With the close of the Series C, Zip’s cash position stands at $181 million, and it plans to expand its footprint with a new office in Dallas alongside its San Francisco headquarters and a Toronto satellite office. Zip offers a cloud SaaS product that centralizes procurement intake-to-procure workflows with a no-code interface for building approval processes and end-to-end visualizations. The platform gives requesters visibility and an auditable record across security, IT, legal and other stakeholders. Zip targets enterprise customers while remaining usable for smaller companies, emphasizing a consumer-grade, intuitive UX that requires no training. The startup has amassed over 100 customers, including Canva, Snowflake, Roblox, Coinbase, Airtable, Toast, Webflow and Databricks. Founded in 2020 and based in San Francisco, Zip has grown to more than 130 employees and plans to double headcount by year’s end, focusing on product and engineering hires.

Total raised

$333M

Funding rounds

3

Latest round

Series D

Latest activity

Oct 2024