Zip Snags $190M in Series D, Skyrockets to $2.2B Valuation!
date
Oct 22, 2024
damn
language
en
status
Published
type
News
image
slug
zip-snags-190m-in-series-d-skyrockets-to-2-2b-valuation-1729571686280
tags
ZipHQ
Series D Funding
AI Technology
Procurement Platform
Enterprise Solutions
summary
**Summary**
1. Zip raised $190 million in Series D funding, pushing its valuation to $2.2 billion.
2. The platform uses AI to automate workflows, extract data, and identify risks.
3. Zip’s innovations have saved customers over $4.5 billion in procurement costs.
4. Major clients include Snowflake, Discover, and Sephora.
5. The company has raised a total of $371 million so far, with no signs of slowing down.
**Zip Snags $190M in Series D, Skyrockets to $2.2B Valuation!**
Hold onto your hats, because Zip just pulled off a massive financial play! The AI procurement platform has closed a staggering $190 million Series D funding round, shooting its valuation up to a cool $2.2 billion. Yeah, you read that right—BILLION, with a big ol' B.
**Who’s Behind This Cash Avalanche?**
No surprises here—BOND Capital is leading the charge with participation from heavy hitters like DST Global, Adams Street Partners, and Alkeon Capital. Oh, and the usual suspects, Y Combinator and Charles River Ventures, are back for more, because why wouldn’t they be?
Zip, founded in 2020 (just three years ago, mind you), is flipping the script on how companies handle procurement. Gone are the days of clunky, manual processes. Zip’s AI-driven platform integrates with your existing enterprise systems, managing everything from requisition to payment like a well-oiled machine.
**AI-Powered Magic**
Let’s get nerdy for a sec—Zip has seriously upped its technological game. The platform boasts some killer innovations, thanks to its use of AI:
- Automated workflows that make manual entry feel like a thing of the Stone Age.
- Intelligent data extraction from documents, because who actually wants to manually pull information from PDFs?
- Risk identification so you can spot those red flags in contracts before they bite you.
- And, of course, the pièce de résistance: an AI assistant that helps employees breeze through procurement requests.
All these features make procurement teams feel like they’ve got a superpower, allowing them to focus on the big stuff. Plus, the platform’s real-time collaboration keeps everyone in the loop, making the approval process a breeze.
**Big Money, Big Savings**
Zip’s AI isn’t just about making things easier—it’s about cold hard cash. By giving companies early visibility into procurement needs and AI-driven insights, Zip helps them proactively manage third-party risks and, more importantly, optimize spending. Yeah, we’re talking about $4.5 billion in savings for Zip’s customers. That’s not just pocket change.
**The Clientele: Who’s Using Zip?**
Zip isn’t just playing around in the kiddie pool—it’s swimming with sharks. In the past year, the platform has ripledits number of large enterprise customers. Some of the big names? Oh, just Snowflake, Discover, and Sephora. No big deal, right?
**The CEO Speaks**
Rujul Zaparde, Zip’s co-founder and CEO, isn’t shy about what Zip is doing for enterprises. “They’re wasting billions of dollars and countless hours on outdated approval processes, security risks, and manual data entry,” Zaparde said. “Zip has proven we can fix that, saving our clients a ton of time and money.”
This new funding? It’s going to help Zip keep innovating in enterprise spending management, making procurement more efficient and less painful for everyone involved.
**Looking Ahead**
Zip’s been on a rocket ride since its launch in 2020, and with this latest funding round, it’s raised a total of $371 million to date. Oh, and did we mention it pulled in $100 million just last May? Yeah, Zip is on fire.
**Summary**
1. Zip raised $190 million in Series D funding, pushing its valuation to $2.2 billion.
2. The platform uses AI to automate workflows, extract data, and identify risks.
3. Zip’s innovations have saved customers over $4.5 billion in procurement costs.
4. Major clients include Snowflake, Discover, and Sephora.
5. The company has raised a total of $371 million so far, with no signs of slowing down.