As we talked to finance and procurement leaders across industries, we found that they struggled as well with gaining the visibility they needed, early enough in the process, to help their organizations contain costs and reduce risk. We felt like we could – and should – do something about it. Thus far this year, the industry has seen only $115 million of dealmaking - with Zip’s being the largest by far.įounded in 2020, Zip has raised $181 million to date, per the company.Before we founded Zip, we experienced firsthand the frustrations of the traditional procurement process and the friction it creates for businesses that are trying to innovate quickly- especially in a world where purchasing is becoming more and more decentralized. However, last year those numbers fell to just $335 million in 53 deals. In 2021, startups in the sector raised $1.5 billion in 80 deals. SAP, Ariba and Coupa have built large companies in the sector.ĮRP startups have not seen big funding dollars in recent times, according to Crunchbase data. While not the sexiest of industries, companies do need software systems that help run processes in departments such as finance, human resources and supply chain.
Procurement falls under the broader umbrella of what is often called enterprise resource planning. The company claims hundreds of customers globally including Snowflake, Coinbase and Northwestern Mutual. Its platform helps with sourcing, approving and paying for needed business tools, ideally helping to streamline the process to make it less taxing. Zip helps companies with the burdensome process of buying new software and hardware. “Zip is one of YC’s most successful B2B companies from the last few years.” “We continue to invest in Zip because we believe in this outstanding team’s ability to achieve their mission to solve a ubiquitous business problem: spend control,” Garry Tan, president and CEO at Y Combinator, said in a release.
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