Procurement Startup Zip Announces $100 Million In New Funding At A $1.5 Billion Valuation

Zip, a San Francisco-based startup that helps businesses manage spending, announced a fresh round of capital today: a $100 million Series C at a $1.5 billion valuation, the company shared exclusively with Forbes. Zip’s product focuses on being a “single front door” for any employee to start and complete a purchase or vendor request for things like laptops and software subscriptions, since it’s often hard for various teams across a company to communicate in one place throughout the process. Zip first launched with a product focusing on the part of procurement it calls “intake-to-procure,” which starts from the initial, vague purchase request and often ends with approval for a contract with a specific vendor. Now, along with the funding announcement, Zip is launching a product for the final piece of the process: “procure-to-pay,” which bridges a company’s accounts payable and purchasing departments. The company’s Series C actually closed in September last year, before the tech downturn worsened, but Zaparde says he and Cheng decided to keep it under wraps until now in order to announce the funding and product releases together.