Zip secures $190 million in landmark Series D funding

Zip today announced a $190 million Series D funding round, raising the company’s valuation to $2.2 billion. The round was led by BOND, with additional new investors DST Global, Adams Street, and Alkeon, along with Zip’s existing investors, Y Combinator and CRV. 

“Zip is one of those rare opportunities in enterprise software that doesn’t come along often,” said Jay Simons, General Partner at BOND, who previously served as President of Atlassian (NASDAQ: TEAM). “What sets Zip apart is its relentless focus on customer success and product innovation, which in today’s tough macro environment, is exactly what enterprises need to drive efficiency and rein in costs. The team has built a product so essential that it’s quickly becoming the go-to platform for the world’s biggest companies. We’re confident Zip is primed to be a staple in every Fortune 500 tech stack.”

This funding marks the largest investment in procurement technology in over two decades. It’s not just a company milestone—it reflects the trust of every customer who has relied on Zip to transform their procurement processes, and our dedication to supporting those who continue to grow with us on their procurement orchestration journeys.

Commitment to our customers 

In 2020, we co-founded Zip to reinvent the slow, complex procurement process by bringing a consumer-grade user experience to B2B purchasing. Four years later, Zip has become the world’s leading intake and procurement orchestration platform, empowering businesses to procure with the fastest process, least risk, and best value.

By streamlining intake, sourcing, supplier management, purchase orders, and global payments in one flexible platform, Zip offers unparalleled transparency and control throughout the entire procurement lifecycle.

At the heart of everything we do is a commitment to our customers' success, ensuring they can deliver exceptional value and impact for their businesses. 

That’s why we’re excited to announce a new video series, Procurement at peak performance, featuring procurement leaders shaping the future of modern business. This series shares real stories from executives at top enterprises like Barings, Benchling, Dollar Tree, Figma, Instacart, and Udemy, highlighting their strategies for operational excellence.

Innovation mindset

As an engineering, product, and design-led company, we have continuously pushed the boundaries of procurement technology since day one. Over the past year alone, Zip has delivered 500 feature requests, implemented 20,000 code changes, and introduced several groundbreaking products, including Procure-to-Pay, Zip Premier, Zip’s Integration Platform, advanced Zip AI capabilities, and preferred supplier purchasing.

This holistic approach has transformed operations for industry leaders like Prudential, Snowflake, Instacart, and Northwestern Mutual, with Zip processing over $107 billion in spend, managing 3.9 million suppliers on our platform, and enabling our customers to save over $4.4 billion.

Just as Salesforce revolutionized customer relationships and Workday transformed employee management, Zip is redefining how businesses interact with suppliers and managing spend. This investment will be strategically deployed to:

• Accelerate R&D, with a focus on building best-in-class procurement software entirely in-house, including Zip’s rapidly growing Procure-to-Pay product line adopted by major enterprises like Northwestern Mutual, Toast, and Coinbase.
• Establish a Zip AI lab to continue to rapidly develop and deploy cutting-edge AI solutions that integrate effortlessly with legacy enterprise systems. Zip’s existing AI suite has already dramatically improved procurement processes across legal, security, finance, and IT teams. 
• Broaden global reach, particularly in the EMEA region, where Zip has experienced over 200% growth in the past year. Zip will leverage its new London office and expanded EMEA team to meet surging demand across the UK, Germany, and France. 

Vision for the future

As we reflect on Zip’s journey, it’s clear we’ve achieved something extraordinary. In September, Zip was named the category creator and a leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Spend Orchestration 2024 Vendor Assessment (doc #US51795424, September 2024). At Zip Forward, we unveiled a significant brand transformation along with a range of powerful new innovations, gathering over 400 finance and procurement executives from leading companies.

Now, reaching this Series D milestone, we can only think of the opportunities it unlocks for our team, partners, and most importantly, our customers. As Zip continues to push the boundaries of what’s possible in procurement technology, we are steadfast to our core vision: orchestrate the flow of business so companies, markets, and economies can have a greater impact on the world. With this latest funding round, Zip is poised to become the global standard for enterprise business spend.

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