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Venture Capital News: Zip Nabs $43M Series B Round

SAN FRANCISCO, CA, Zip, the world's leading intake-to-procure solution, today announced its $43 million Series B funding round.
The Series B round was led by YC Continuity with participation from Tiger Global and CRV. This brings Zip's total funding to $81 million and the company's valuation to $1.2 billion in just 18 months since its founding, with its $25 million Series A and multiple seed-round investments in that time frame. Zip's enterprise-grade platform enables employees to make business purchases with a consumer-style experience. Founded in 2020 by Rujul Zaparde and Lu Cheng, Zip boasts more than 100 customers, including industry leaders such as Canva, Snowflake, Roblox, Coinbase, Airtable, Toast, Webflow and Databricks. The company rapidly grew to more than 130 employees - with top-tier engineers from Silicon Valley tech innovators like Airbnb, Meta, Google and Square. The latest round will be used to accelerate adoption and talent acquisition, with plans to double employee headcount by the end of 2022.

Zip is the world's leading intake-to-procure solution. Providing a single platform for any employee to initiate a purchase or vendor request, Zip helps businesses gain clear and timely visibility across all purchases, while dramatically improving the employee experience. The platform's no-code configuration and intelligent workflows integrated across disparate systems enable businesses to automatically route requests for faster approval across finance, legal, procurement, IT, security and other teams. Leading enterprises and high-growth startups like Databricks, Canva, Airtable, Roblox, Webflow and over 100 others use Zip to streamline their procurement processes while delighting their business users.
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