Zip is the world’s only intake-to-pay platform that provides one place for any employee to initiate a purchase or vendor request. The company provides one simple flow for all employees to create a purchase request, which is then automatically routed to the correct stakeholders. Each request is automatically routed for approval across procurement, finance, IT, data security, legal, and other teams.
Zip has announced its $100 million Series C funding round at a $1.5 billion post-money valuation. The new funding round was led by Y Combinator with investments from CRV and Tiger Global, all returning investors. The fresh funding will enable the company to accelerate product and user experience innovations to increase employee adoption across its growing customer base. In total, Zip has raised $181 million till that moment.
Zip, San Francisco, California, United States, was founded in 2020 by Lu Cheng and Rujul Zaparde. The company grew from 60 to around 250 employees in the last year and intends to grow by another 100 over the next 18 to 24 months. “We continue to invest in Zip because we believe in this outstanding team’s ability to achieve their mission to solve a ubiquitous business problem: spend control,” said Garry Tan, President and CEO at Y Combinator. “Zip is one of YC’s most successful B2B companies from the last few years. We are thrilled to have been one of Zip’s earliest partners as they revolutionize one of the most critical functions in the enterprise.”