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Zip's Surprising Surge to a 2.2 Billion Valuation
Description
Procurement startup Zip raised $190 million in a Series D funding round, increasing its valuation to $2.2 billion. This round saw participation from new investors such as DST Global, Adams Street Partners, and Alkeon Capital, alongside existing investors Y Combinator and CRV. This funding marks a significant increase from May 2023, when Zip raised $100 million in a Series C round, valuing the company at $1.5 billion. Zip focuses on streamlining the procurement process for companies, including sourcing, approval, and payment for business tools. The company plans to enhance engineering and research and development efforts with the new funds, including launching an internal AI lab, and aims to expand into new geographic markets. Investment in ERP-related startups has been modest, with a total of $240 million raised in 2023 and a slight increase to $314 million early in the year. Zip's funding represents the largest in the sector both last year and this year.
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