Before we founded Zip, we experienced firsthand the frustrations of the traditional procurement process and the friction it creates for businesses that are trying to innovate quickly— especially in a world where purchasing is becoming more and more decentralized. We felt like we could – and should – do something about it. As we talked to finance and procurement leaders across industries, we found that they struggled as well with gaining the visibility they needed, early enough in the process, to help their organizations contain costs and reduce risk.
So, in 2020, we launched Zip and our first product, intake-to-procure, that makes it easy for employees to request purchases and provides one clear, visual workflow for purchase approvals across Finance, Legal, Procurement, IT, and Security. From the start, we built Zip to be as straightforward for employees to use as their favorite consumer app so that finance and procurement get the adoption they need to control spend. We’ve grown quickly since we founded Zip in 2020, and we now have more than 100 customers, including industry leaders such as Airtable, Canva, Coinbase, Databricks, Roblox, Snowflake, Toast and Webflow, and more than 130 employees—with world-class engineers from Silicon Valley tech innovators like Airbnb, Meta, Google, and Square.
Today, we’re super excited to announce that we’ve raised $43 million in Series B funding led by YC Continuity with participation from Tiger Global and CRV. This brings total investment in Zip to $81 million and the company valuation to $1.2 billion in the 18 months since we started the company. With the ongoing proliferation of SaaS and the decentralization of purchasing decisions, intake-to-procure is a problem that every business leader and employee encounters. This has become even more relevant in the last several weeks, as many innovative organizations need to focus more than ever on containing costs and maintaining capital efficiency along with strong growth. CFOs and procurement leaders are looking for solutions that can rapidly help control spend.
Employees at organizations big and small shouldn’t have to jump through hoops or navigate convoluted processes when buying the software, services or other business products they need to get their jobs done. Zip’s consumer-style, enterprise-grade platform allows companies to be stronger and more innovative than ever by reinventing the way they manage their procurement process with our fully intuitive, no-training-required, no-code solution.
Zip’s latest funding round will be used to accelerate investment in our technology and to hire more of the best and brightest talent to solve hard, ubiquitous problems with a consumer-first approach. Our roadmap includes new products and capabilities that will revolutionize B2B spend. It’s been an amazing journey and we’re just getting started. Join us!