US-based procurement fintech Zip has secured $100 million in Series C funding at a $1.5 billion post-money valuation. The funding will be used to accelerate product development, expand the company’s footprint, integrate AI into its processes, and hire new talent.
Facts
- Zip has secured $100 million in Series C funding at a $1.5 billion post-money valuation.
- Investors in the funding round include Y Combinator, CRV, and Tiger Global.
- Zip’s total capital raised to date amounts to $181 million, including its seed, Series A, and Series B rounds.
- Founded in 2020 and based in San Francisco, California, Zip operates an “intake-to-procure” platform for streamlining B2B purchasing.
- Zip has launched an “intake-to-pay” platform, expanding its offering to include automated purchase order creation, B2B payments, and invoice processing.
- With the new funding, Zip plans to accelerate product development, hire new talent, and open a new office in Dallas, Texas.
- Zip aims to integrate AI into its intake-to-pay process to maximize efficiency and gain insights.
- In a recent survey, Zip found that only 11% of businesses surveyed stated that the majority of their spending is under management or PO-backed.
- Zip currently has more than 200 business customers, including Snowflake, Coinbase, Canva, Webflow, and Databricks.
