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