Venture Capital: Procurement Platform Zip Lands $100M Series C Round

May 17, 2023 | News, Venture Capital

Zip simultaneously announced the launch of Zip Intake-to-Pay, extending its industry-first Intake-to-Procure platform to sophisticated Procure-to-Pay capabilities, including purchase order (PO) management, accounts payable (AP) automation and global B2B payments functionality.

Zip, an intake-to-pay platform, has raised $100 million in a Series C funding round, valuing the company at $1.5 billion. The funding was provided by investors including Y Combinator, CRV, and Tiger Global. With this investment, Zip’s total funding reaches $181 million.

The funding will be used to enhance the product and user experience, with a focus on employee adoption and the integration of generative AI. (Businesswire)

Zip has a diverse customer base, including well-known companies like Snowflake, Coinbase, Northwestern Mutual, Canva, Webflow, and Databricks. The platform has seen significant adoption, with nearly $1 billion in monthly approvals and $937 million in total savings tracked to date.

Zip plans to use the funding to support its rapid growth, expanding its team, and opening a new office in Dallas, in addition to its existing locations in San Francisco and Toronto.

According to the company, businesses can no longer ignore the importance of controlling expenses, operating efficiently, and minimizing risks. A recent survey of finance and accounting professionals showed that nearly half of organizations aim to significantly reduce operating costs this year.

Zip therefore aims to provide a comprehensive and user-friendly solution for end-to-end procurement processes, greater collaboration and effective spend control.

Related Story:  Coupa And Goldman Sachs Transaction Banking Collaborate To Create A Streamlined Process For B2B Payments

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
FinTech: Adyen Launches ‘Payout Services’ For Faster Payouts To The Gig And SMB Economies
June 2, 2023     FinTech, News

Adyen, a global financial technology platform, has launched Payout Services, allowing its customers to make instant payouts to their users or partners. By connecting directly to real-time payment rails, Adyen’s…
Digital Assets: Oracle Red Bull Racing Seeks To Digitize Engagement With Fans On The Sui Blockchain

Oracle Red Bull Racing has announced a multi-year partnership with software company Mysten Labs to collaborate on Sui, which will serve as the team’s Official Blockchain partner. Sui, a Layer…
Venture Capital: Bold, L’Oréal’s Venture Capital Fund, Buys A Stake In Exotic Cosmetic Ingredient Maker Debut
June 2, 2023     News, Venture Capital

L’Oréal’s (EPA: OR) corporate venture capital fund, BOLD, has announced a minority investment in Debut, a US biotech company specializing in the discovery, formulation, and manufacture of novel ingredients and…
Artificial Intelligence: In Flight Simulation, An AI Drone Tries To Kill Its Own Handler
June 2, 2023     Artificial Intelligence, News

During a simulated test at a London summit, an AI-controlled drone turned against its human operator, raising significant ethical concerns. Air Force Colonel Tucker “Cinco” Hamilton shared the incident, which…