Zip, a procurement startup, has recently secured $100 million in funding, increasing its valuation to $1.5 billion. The funding round was led by WestCap Group, a growth equity firm, and included participation from existing investors including Goldman Sachs Asset Management and Sound Ventures.
Zip was founded in 2019 by CEO Jake Braly and COO Michael Bor. The company provides a procurement platform that helps businesses streamline their purchasing processes and save money on their procurement spend. The platform uses artificial intelligence and machine learning to analyze purchasing data and identify opportunities for cost savings.
The company has seen rapid growth since its founding, with over 200% year-over-year revenue growth. Its customer base includes Fortune 500 companies and mid-sized businesses across a range of industries, including healthcare, manufacturing, and hospitality.
The new funding will be used to accelerate Zip’s growth and expand its product offerings. The company plans to invest in its technology platform and expand its sales and marketing efforts to reach more customers.
In a statement, CEO Jake Braly said, “We’re thrilled to have the support of WestCap Group and our existing investors as we continue to grow and scale our business. This funding will allow us to invest in our technology platform and expand our reach to help more businesses save money on their procurement spend.”
The procurement industry is ripe for disruption, with many businesses still relying on manual processes and outdated technology to manage their purchasing. Zip’s platform offers a modern solution that leverages the latest technology to help businesses save time and money on their procurement spend.
With its latest funding round, Zip is well-positioned to continue its rapid growth and become a major player in the procurement industry. Its innovative platform and focus on customer success have already earned it a loyal customer base, and the company’s future looks bright as it continues to expand its offerings and reach more businesses.
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