Zip, a leading AI-based procurement orchestration platform, announced $190 million in Series D funding led by BOND. This investment—one of the largest for an enterprise SaaS company this year—brings Zip’s valuation to $2.2 billion. Additional participants in the round included new investors DST Global, Adams Street, and Alkeon, as well as existing investors Y Combinator and CRV. This is a notable increase from its $1.5 billion valuation last year.
Businesses have been facing mounting pressure to optimize spending and mitigate risk, and procurement and acquiring goods and services necessary for business operations have become critical functions. Companies spend trillions of dollars annually on office supplies and software subscriptions to professional services and marketing agencies. Procurement represents the second largest area of business spending after payroll, but the purchasing process has remained stuck in the past.
Zip’s platform offers an intuitive consumer-grade interface that makes purchasing as easy as online shopping, while ensuring compliance, efficiency, and cost optimization. And Zip streamlines complex workflows across departments — from legal and IT to security and finance — seamlessly connecting all teams involved in the procurement lifecycle.
This approach has already transformed operations for industry giants like Snowflake, Discover, and Sephora, who have collectively saved over $4.4 billion in procurement spending through Zip’s platform in less than four years. So far, over $107 billion in customer spend has been processed through Zip, and Zip has achieved 3x growth across large enterprises just this year.
Zip is essentially redefining how businesses interact with suppliers and manage spending. This new funding will fuel Zip’s mission to become the global standard for B2B spend and will be strategically deployed to accelerate R&D efforts, set up a new Zip AI lab, and broaden global expansion.
As Zip continues pushing the boundaries of what’s possible in procurement technology, it remains committed to its core vision: to create a world where every business can access the suppliers and resources they need to operate at peak performance.
Zip was represented by Goodwin Procter for this financing.
KEY QUOTES:
“Procurement is broken. Companies are wasting billions of dollars and countless hours navigating byzantine approval processes, dealing with security risks, and manually entering data. Zip has already proven that we can fix that, saving our customers billions of dollars and thousands of hours of time — and our new round of funding will allow us to continue to revolutionize business spending.”
-Rujul Zaparde, Co-founder and CEO of Zip
“Zip is one of those rare opportunities in enterprise software that doesn’t come along often. 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.”
-Jay Simons, General Partner at BOND, who previously served as President of Atlassian
