Zip is a developer of an intelligent request and procurement platform for employees to request purchases. The company's platform automates recommendations of preferred vendors and checks prices against benchmarks to integrate with accounting, contract management, and IT systems to reduce the time for approvals, reduce costs, and maintain compliance across data security, legal, IT, finance, and procurement. Zip's platform offers no-code configuration and intelligent configurations, which can be integrated across disparate business systems to enable route requests and decrease approval time across departments.
Zip was founded in 2020 by Lu Cheng and Rujul Zaparde and is headquartered in San Francisco. Customers of Zip have included Coinbase, Canva, Notion, Databricks, Checkr, Snowflake, Carta, Zapier, Hopin, Webflow, Toast, 6sense, Upstart, Patreon, Airtable, Nylas, Bynder, Clutter, Cambly, CommerceHub, Pendo, Instabase, Novo, Betterment, and Yellowbrick.
Zip's procurement platform works to automate and reduce the complexity of spend approvals by asking employees the right questions based on previous answers Once a request is created, the platform gives everyone in the request process a clear view of where the request is in that process.
The platform also automatically routes requests to the necessary department, such as to finance, IT, data, security, legal, and other teams. It can also parallel-track reviews and procurement requests as needed while offering real-time updates and control to keep the procurement team up-to-date and capable of making changes in the workflow.
The platform's front end sits on top of other software, such as an ERP or procure-to-pay system, and offers a simple interface intended to be intuitive to use without training for users to begin using to initiate or approve requests. The platform also includes a categorization tool that ingests and categorizes existing vendors to automatically flag vendor overlap from software to staffing agencies to help users save time for internal teams and cut down on unnecessary spending.
Zip nabs $43M for its growing 'concierge for procurement'
Mary Ann Azevedo
May 25, 2022