Zip Secures $190 Million in Series D Funding, Valuation Soars to $2.2 Billion

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London, 22 October 2024Zip, the world’s leading AI-powered procurement orchestration platform, today announced the successful completion of a $190 million Series D funding round, propelling the company’s valuation to an impressive $2.2 billion. This significant milestone, led by BOND, marks one of the largest funding rounds for an enterprise SaaS company in 2024.

The investment round also attracted new backers such as DST Global, Adams Street, and Alkeon, while existing investors Y Combinator and CRV reinforced their confidence in Zip’s innovative platform.

Rethinking Procurement for a New Era

In the current global economic landscape, where enterprises face mounting pressure to optimize costs and reduce risk, procurement has evolved into a vital function. Companies worldwide spend trillions annually on essential services and supplies, making procurement the second-largest business expenditure after payroll. Yet, despite its critical role, the procurement process remains inefficient, often bogged down by slow, complex workflows.

“Procurement is broken,” said Rujul Zaparde, Co-founder and CEO of Zip. “Companies are losing billions navigating inefficient approval processes, security risks, and manual data entry. Zip is transforming this by streamlining procurement, saving our customers significant time and money. This new round of funding will further fuel our mission to revolutionize business spend management.”

Driving Innovation in Procurement Technology

Zip’s platform combines an intuitive, consumer-friendly interface with the robust tools necessary to drive compliance, efficiency, and cost savings. The platform unifies workflows across departments, including legal, IT, security, and finance, ensuring seamless coordination throughout the procurement lifecycle. Industry leaders like Snowflake, Discover, and Sephora have collectively saved more than $4.4 billion in procurement costs using Zip’s technology.

With more than $107 billion in customer spend already processed and 3x growth in enterprise adoption in 2024 alone, Zip is well on its way to becoming the global standard for B2B procurement.

Strategic Plans for Future Growth

The latest capital injection will be strategically deployed across three key areas:

  • Product Development: Zip will accelerate its research and development efforts, particularly within its rapidly growing Procure-to-Pay (P2P) product line, used by enterprises like Northwestern Mutual, Toast, and Coinbase.
  • AI Advancements: The newly established Zip AI Lab will enhance Zip’s cutting-edge AI solutions, improving procurement processes for legal, security, finance, and IT teams.
  • Global Expansion: The company will broaden its presence in the EMEA region, where it has experienced over 200% growth. With a new office in London, Zip aims to strengthen its foothold in key markets such as the UK, Germany, and France.

“Zip’s relentless focus on customer success and innovation has set it apart in the enterprise software space,” said Jay Simons, General Partner at BOND and former President of Atlassian. “Their platform has become essential for many Fortune 500 companies, and we believe Zip is poised to lead the next wave of procurement technology.”

With its latest funding and recognition as a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Spend Orchestration 2024 Vendor Assessment, Zip is on track to solidify its role as the go-to procurement solution for enterprises worldwide.

Source: Zip PR team

About Zip
Zip is the leading AI-powered procurement orchestration platform, streamlining procurement workflows and driving cost savings for global enterprises. Trusted by industry giants, Zip is transforming how businesses manage spend, with over $107 billion processed through its platform to date.


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