Procurement orchestration platform ZipHQ announced today the completion of a $190 million Series D funding round, valuing the company at $2.2 billion. The round was led by BOND Capital, with participation from DST Global, Adams Street Partners, and Alkeon Capital, while existing investors Y Combinator and Charles River Ventures continued to support the company.
Founded in 2020, Zip is redefining corporate procurement processes with AI. The company has built an end-to-end intelligent procurement platform that seamlessly integrates with existing enterprise ERP and supplier management systems, managing the entire process from requisition to payment.
At the technological level, Zip's platform has achieved several innovations through AI:
Automated workflows
Intelligent extraction of document data
Automatic identification of contract risks
AI assistant to assist employees in submitting procurement requests
These features not only significantly reduce manual operations and errors but also allow procurement teams to focus on more strategic work. The platform's real-time collaboration ensures that all stakeholders stay in sync during the approval process, significantly enhancing procurement efficiency.
By providing early visibility of procurement needs and AI-driven insights, Zip helps companies proactively manage third-party risks and optimize spending.据统计, customers using the Zip platform have cumulatively saved over $4.5 billion in procurement spending.
In the past year, Zip has tripled its number of large enterprise customers. Its flagship clients include cloud data giant Snowflake, financial services company Discover, and cosmetics retailer Sephora.
"Enterprises are wasting billions of dollars and countless hours on complex approval processes, security risks, and manual data entry," said Rujul Zaparde, Co-founder and CEO of Zip. "Zip has proven that we can solve these issues, saving our clients significant amounts of money and time. This new round of funding will help us continue to innovate in enterprise spending management."
According to Tracxn, including this round, Zip has raised approximately $371 million to date. The company previously raised $100 million in May 2023.
