This has become even more relevant in the last several weeks, as many innovative organizations need to focus more than ever on containing costs and maintaining capital efficiency along with strong growth. With the ongoing proliferation of SaaS and the decentralization of purchasing decisions, intake-to-procure is a problem that every business leader and employee encounters. This brings total investment in Zip to $81 million and the company valuation to $1.2 billion in the 18 months since we started the company. Today, we’re super excited to announce that we’ve raised $43 million in Series B funding led by YC Continuity with participation from Tiger Global and CRV. We’ve grown quickly since we founded Zip in 2020, and we now have more than 100 customers, including industry leaders such as Airtable, Canva, Coinbase, Databricks, Roblox, Snowflake, Toast and Webflow, and more than 130 employees-with world-class engineers from Silicon Valley tech innovators like Airbnb, Meta, Google, and Square. From the start, we built Zip to be as straightforward for employees to use as their favorite consumer app so that finance and procurement get the adoption they need to control spend. So, in 2020, we launched Zip and our first product, intake-to-procure, that makes it easy for employees to request purchases and provides one clear, visual workflow for purchase approvals across Finance, Legal, Procurement, IT, and Security. As we talked to finance and procurement leaders across industries, we found that they struggled as well with gaining the visibility they needed, early enough in the process, to help their organizations contain costs and reduce risk. We felt like we could – and should – do something about it. Before we founded Zip, we experienced firsthand the frustrations of the traditional procurement process and the friction it creates for businesses that are trying to innovate quickly- especially in a world where purchasing is becoming more and more decentralized.
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