Zip Secures $43 Million Series B, Reaches $1.2 Billion Valuation

Boston – June 8, 2022 – Cooley advised Zip, a leading intake-to-procure solution, on its $43 million Series B financing round. With this latest funding round, Zip reaches a $1.2 billion valuation just 18 months after its founding. Lawyers Harley Brown, Eric Popp and Erica Pedersen led the Cooley team advising Zip.

Zip will use the new capital to accelerate adoption of its enterprise-grade platform and talent acquisition, with plans to double employee headcount by the end of 2022.

“The explosion of SaaS and the decentralization of purchasing decisions have created tremendous friction for modern businesses,” Rujul Zaparde, co-founder and CEO of Zip, said in a press release. “This latest investment will allow us to bring our enterprise-grade platform to more forward-thinking businesses and fulfill our mission to reinvent the way organizations manage their procurement process.”

Headquartered in San Francisco and founded in 2020 by Zaparde and Lu Cheng, Zip provides a single platform for any employee to initiate a purchase or vendor request. 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. Zip serves more than 100 customers, including leading enterprises and high-growth startups, and has grown to 130+ employees.

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