Zip 2023 in Review: $100 Million Series C, Intake-to-Pay Expansion, Inaugural User Conference ‘Zip Forward’, and New Generative AI Advancements
SAN FRANCISCO, January 11, 2024--(BUSINESS WIRE)--Zip, the world’s only Intake-to-Pay platform, significantly expanded its lead as the premier intake and procurement orchestration solution, fueled by the launch of Zip AI, Zip payments and a $100M Series C round. With $2.5B saved for customers through its innovative Intake-to-Pay platform, the company is redefining the experience of procurement, empowering teams to collaborate, enhance workflows and streamline operations so employees can grow business faster. Zip’s 300+ customers have seen 1.5M+ approvals initiated and $33B+ total spend approved.
"Our journey has been dedicated to addressing some of the most prominent and complex challenges in finance, and our early successes put us on the map as a rising star in procurement. The past 12 months have not only solidified our position, but also advanced Zip from a promising tech innovator to an established industry leader," said Rujul Zaparde, CEO and Co-founder of Zip. "We built Zip for the new world of procurement where people want more than just a better process. They want a fully intuitive experience with strong visibility and control across the end-to-end cross functional process—made possible with intake and adoption. Procurement is more collaborative than it has ever been before and, as we move into 2024, I am filled with pride and gratitude that we have been able to provide the best possible solution for businesses. Each milestone is a testament to the hard work and dedication of the entire Zip team. I’m excited for the endless possibilities that lie ahead in the new year."
Zip’s biggest milestones in 2023:
Zip conducted research that found traditional procurement is broken. The breakthrough industry research revealed that a staggering 1-in-3 finance and accounting professionals describe their procurement process as "broken." The vast majority (86.9%) of respondents said it would be beneficial if their company could use an all-in-one software solution to manage the procurement process.
In May, the company announced a $100M Series C funding round at a $1.5B post-money valuation, with investment from Y Combinator, CRV and Tiger Global, allowing the company to accelerate product and user experience innovations to increase employee adoption across its rapidly growing customer base. In conjunction with funding, Zip announced its industry-first Intake-to-Pay platform—the world’s first unified platform for procurement, consolidating all of the tools and processes required for the end-to-end procurement lifecycle. Offering end-to-end spend visibility and control, these new capabilities allow businesses to implement a holistic procurement experience, designed to be so easy that it requires zero additional training.
Zip Vendor Cards came to fruition in June—an advanced corporate card solution enabling rapid vendor payments, all while strengthening control and spend visibility. Built to work in tandem with the Intake-to-Procure solution, Zip Vendor Cards provide businesses a unified, highly compliant solution to automate purchase requests and approvals from initial intake to issuing payment.
The Zip Global Partner Program was introduced in August. This is an international ecosystem of leading systems integrators, complementary ISVs and premier consulting firms. With this partner program, Zip teamed up with SAP to bring Zip into the SAP Store, and NetSuite, offering purpose-built integrations so companies can onboard Zip’s spend approval platform into the Netsuite instances they already use every day.
In October, Zip AI was launched, a set of generative AI capabilities built directly into the Zip product suite, designed to automate previously manual workflows, immediately flag legal and security risks and provide valuable and intelligent business insights every step of the way. Customers have been provided over 521K Zip AI insights since launch.
In early November, Zip’s inaugural user conference Zip Forward premiered, bringing together over 400 attendees, including distinguished speakers from Snowflake, OpenAI, Discover, Figma and more. Over the course of a day at The Conservatory in San Francisco, customers shared moving stories of success with Zip, and industry leaders and experts from the Zip team participated in informative keynotes.
At the conference, the company unveiled Zip Sourcing, which enables sourcing teams to efficiently identify savings opportunities, track and report on realized savings and run RFX events in one enterprise-grade platform for a complete source-to-pay experience.
The Zip team also participated as featured guests at procurement and technology events across the globe including: DPW Amsterdam, SAP Spend Connect in Austria, ProcureCon in Barcelona, Procurement Foundry FORGE Engage in Atlanta, and SIG in Toronto and more.
Zip received many notable accolades in 2023, including:
Resources
About Zip
Zip is the world’s only Intake-to-Pay platform. Providing an intuitive starting point for any employee to initiate a purchase or vendor request, Zip helps businesses gain clear and timely visibility across all business spend by dramatically improving the employee experience. The platform’s no-code configuration and intelligent workflows integrate disparate systems, enabling businesses to automatically route requests for faster approval across finance, legal, procurement, IT, security and other teams. Zip consolidates all the steps and tools used across finance and procurement processes in one platform. Leading enterprises and high-growth startups like Northwestern Mutual, Snowflake, Canva, Airtable, Webflow, Databricks, along with 300+ other customers use Zip to streamline their Intake-to-Pay processes, while delighting their business users.
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Contacts
Kelsey LaBarbera
Bhava Communications for Zip
zip@bhavacom.com
+1 (707) 812-1230
