Z

Zip

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Company Research Report: Zip



Company Overview


  • Name: Zip

  • Mission: To unblock innovation by helping businesses procure with the fastest process, least risk, and best value.

  • Founded: 2020

  • Founders: Rujul Zaparde (CEO) and Lu Cheng (CTO)

  • Key People:

  • Rujul Zaparde, CEO and Cofounder

  • Lu Cheng, CTO and Cofounder

  • Tyson Knight, Vice President of Services

  • Ed Sawma, VP of Marketing

  • Headquarters: San Francisco, CA

  • Number of Employees: 300+

  • Revenue: No information is available

  • Known For: Leading intake and procurement orchestration platform, transforming procurement processes by integrating innovative AI technologies and achieving high compliance and efficiency for enterprises globally.


Products


Zip offers a comprehensive suite of procurement solutions designed to streamline and optimize the purchasing process, providing transparency and control across multiple stages.

Intake-to-Procure


  • Description: Guides employees through any purchase request process, streamlining procurement requests and vendor onboarding, contract execution, and more.

  • Key Features:

  • Easy submission and cross-functional collaboration.

  • Customizable workflows and intelligent routing.

  • Transparent budget tracking and savings analysis.


Procure-to-Pay


  • Description: Offers total oversight of organizational spending from purchase requests through to payments.

  • Key Features:

  • Enhanced PO adoption and automated AP tasks.

  • AI-powered invoice processing and dynamic approval workflows.

  • Real-time spend insights and transparency.


Sourcing


  • Description: Identifies strategic opportunities and runs RFx events seamlessly.

  • Key Features:

  • Smart RFx generation and frictionless compliance.

  • Vendor scoring and seamless source-to-contract processes.

  • Centralized tracking of savings and insights.


Global Payments


  • Description: Centralizes and automates global vendor payments.

  • Key Features:

  • Validation rules and dynamic workflows.

  • Enterprise-grade risk controls and ERP integration.

  • Supports over 140 countries in 40 currencies.


Vendor Cards


  • Description: Provides a digital payment method for employees, offering secure and compliant transactions.

  • Key Features:

  • Secure payments with automated reconciliation.

  • Flexible controls over purchase amounts and categories.

  • Integration with ERP systems for real-time updates.


Integration Platform


  • Description: A low-code platform for building custom integrations and connecting multiple business systems.

  • Key Features:

  • Customizable integration solutions.

  • Embedded integration tasks within workflows.

  • Bi-directional sync and comprehensive monitoring of integration activities.


Recent Developments


Recent Funding


  • Announced $190 million Series D funding round, raising company valuation to $2.2 billion, marking significant investment in procurement technology.


New Product Launches


  • Zip Premier: A new set of enterprise capabilities.

  • AI Assistant: To help streamline procurement processes with real-time guidance.

  • Enhanced AI capabilities: Including AI document extraction and intake automation.


Strategic Growth


  • Expanding operations in the EMEA region with a new office in London, aiming to meet demand in the UK, Germany, and France, and achieving over 200% growth.


Key Partnerships


  • Integration partnership with Ironclad for unified procurement and contract management solutions.


Customer Success


  • Zip’s technology has been widely adopted by major enterprises such as Prudential, Snowflake, Instacart, and Northwestern Mutual, with achievements including processing $107 billion in spend and helping customers save over $4.4 billion.


This report captures the core essence and recent strategic directions of Zip, focusing on its product offerings, market positioning, and recent milestones. The company's commitment to integrating cutting-edge AI and transparent procurement processes sets it apart in the field of procurement technology.