Zip, a San Francisco, CA-based company that provides an intake-to-procure solution, announced that it raised a $100 million Series C funding, bringing its post-money valuation to $1.5 billion and bringing its total raised to $181 million.
The round included contributions from Y Combinator, CRV, and Tiger Global. The new funding will enable Zip to accelerate product development and enhance the user experience. The company aims to drive higher adoption rates among its rapidly growing customer base by introducing innovative features.
To support its rapid growth, Zip has significantly expanded its workforce over the past year, increasing from 60 to 250 employees. With the latest funding, the company plans to continue investing in top talent across various geographies.
Additionally, Zip will expand its physical presence by establishing a new office in Dallas, Texas, to complement its existing headquarters in San Francisco and office in Toronto, Canada.
“Businesses are no longer able to turn a blind eye when it comes to controlling the spend, operating efficiently, and mitigating risk. Our recent survey of finance and accounting professionals found that nearly half of organizations are looking to meaningfully reduce operating expenses this year, yet only 11% said that the majority of spend in their organization is under management, or PO-backed,” said Rujul Zaparde, co-founder and CEO of Zip. “It all starts with a renewed focus on employee adoption and end-user experience. In a space that is notorious for providing tools that cause confusion, lack of adoption and costly deployment errors, we’ve built a holistic, consumer-style, and enterprise-grade Intake-to-Pay platform. It doesn’t require any training—and employees are excited to use it.”
Alongside the funding announcement, Zip introduced its latest product, Zip Intake-to-Pay. This extension builds upon their existing Intake-to-Procure platform and now offers comprehensive Procure-to-Pay (P2P) capabilities.
Company: Greenbax, Inc.
Round: Series C
Funding Month: May 2023
Additional Investors: Y Combinator, CRV, and Tiger Global
Company Website: https://ziphq.com/
Software Category: Procure to Pay Software
About the Company: Zip is an intake-to-procure solution and provides one place for any employee at an organization to initiate a purchase or vendor request. Zip helps businesses gain clear and timely visibility across all business spend, while dramatically improving the employee experience. The platform’s no-code configuration and intelligent workflows integrated across disparate systems enable businesses to automatically route requests for faster approval across finance, legal, procurement, IT, security, and other teams. Zip consolidates all the steps and tools used across the purchasing lifecycle in one platform. Zip's customer portfolio includes prominent companies such as Snowflake, Coinbase, Northwestern Mutual, Canva, Webflow, and Databricks, ranging from startups to Fortune 500 enterprises, and over 200 others use Zip to streamline their procurement processes while delighting their business users.