Zip
Enterprise procurement and accounts payable platform that sits in front of the ERP, routing every purchase request through approvals, vendor onboarding and payment, now with AI agents across intake-to-pay.
| Founded | 2020, San Francisco |
|---|---|
| Founders | Rujul Zaparde (CEO), Lu Cheng (CTO), Felix Meng; Zaparde and Cheng were product leaders at Airbnb |
| Stage | Series D |
| Total funding | About $371m |
| Last round | Series D, $190m, October 2024, led by Bond with DST Global, Adams Street and Alkeon. Valuation $2.2bn. |
| What it does | Purchase intake, approval workflows, vendor management, contract and risk review, accounts payable and payments, with agents that draft, route and reconcile |
| Traction | Customers include OpenAI, Anthropic, T-Mobile, Mars, Sephora, Discover and Dollar Tree; US$1 trillion in spend processed and US$10.5bn in platform savings |
| Pricing | Not published; enterprise contracts |
| Markets | US, global enterprise |
| Peers | Coupa, Ramp, Tipalti, Basware, Procurify |
Funding
- Announced rounds
- US$333m in three rounds
- Latest round
- Series D, US$190m, October 2024, led by BOND
- Valuation
- Valued at US$2.2bn in October 2024, at its Series D
What was Zip's last announced valuation?+
Zip was valued at US$2.2bn in October 2024, at its Series D, up from US$1.5bn at its Series C in May 2023.
Why it matters
Zip raised $190 million at a $2.2 billion valuation in the largest procurement software round in two decades and counts OpenAI and Anthropic among its customers. It has made intake-to-pay a category of its own, sitting between the ERP and every purchase a company makes.
Accountio coverage
Zip Introduces AI Agents to Automate Complex Accounting Workflows
Part of Accountio’s accounting technology coverage.
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