Perfecting procurement, from intake to payment, Zip is fundamentally reshaping enterprise spending in today’s procurement sector. We take a closer look at the company’s industry-leading achievements.
ENABLING SMART PROCUREMENT FOR SMARTER SPENDING
On a mission to unblock innovation by helping businesses procure with the fastest processes, least risk, and best value, Zip – the world’s leading agentic procurement orchestration platform – has made unparalleled waves in supporting the way modern businesses actually work.
Having pioneered a new category with the launch of intake and orchestration, Zip has emerged as a powerful procurement platform, transforming the chaotic process of procurement by bringing a consumer-grade user experience to B2B purchasing.
The company serves enterprises across a wide range of industries, including technology, financial services, healthcare, retail, consumer packaged goods, travel and hospitality, manufacturing, and life sciences.
Founded in 2020 by Rujul Zaparde, co-Founder and CEO, and Lu Cheng, co-Founder and CTO, Zip empowers businesses to accelerate the procurement process, mitigate risk, and drive growth by offering a single front door to unify the teams, tasks, and tools involved in working with suppliers.
Recently, the company announced a monumental $6.8 billion in total customer savings since its launch, cementing its status as an industry stalwart. This achievement is paralleled by 50+ purpose-built artificial intelligence (AI) agents, allowing Zip to leverage AI to streamline procurement processes and drive cost efficiencies even further.
Over the course of the past few years, the company’s AI capabilities have expanded, with advanced contract review that enables it to flag more complicated notions of risk factors. This AI-powered platform is trusted by hundreds of leading global enterprises, including the likes of AMD, Anthropic, Coinbase, Discover, Dollar Tree, HP, Instacart, Invesco, Lyft, LinkedIn, Northwestern Mutual, Prudential, Reddit, Sephora, OpenAI, Snowflake, and many others.
With companies increasingly looking to optimize their procurement processes and control costs, Zip is primed and ready to be the go-to business to achieve these goals. Its AI-driven approach allows the company to harness its power to solve real business problems and continue driving significant cost savings for customers while growing its capabilities.
PROCUREMENT PERFECTED
Recently, Zip launched its Enterprise Transformation Office (ETO) – a dedicated team of former Fortune 500 procurement leaders who work directly with customers to drive large-scale procurement transformation.
Guiding this AI-era change and leading the ETO is Jason Moore, who previously served as Senior Director of Enterprise Procurement at Discover. Moore has garnered a team of seasoned executives who boast decades of experience leading some of the world’s largest organizations.
The team comprises Peder Gustafson, former Chief Procurement Officer (CPO) at UnitedHealth Group; James Czarnecki, former SVP and CPO at MGM Resorts International; Danielle McQuiston, former VP and Head of North America Procurement at Sanofi; and Jason Powell, former Global Head of Procurement at Figma.
Advising Fortune 500 leaders across a variety of industries, the in-house advisory team uses its vast experience to assist customers in redesigning operations to procure with the fastest process, least risk, and best value.
As businesses adopt agentic AI, powerful software is not the only requirement – strategic partners who understand the complexity of change at scale are what’s required to make a significant impact, and this is what the ETO provides.
Zip’s investors include Adams Street, Alkeon, BOND, CRV, DST, Tiger Global, and Y Combinator, and in October 2024, the company announced a $190 million Series D funding round at a $2.2 billion valuation.
This aligns with the global procurement software market’s size being projected to grow from $8.03 billion in 2024 to $18.28 billion by 2032, according to Fortune Business Insights.
As the company looks to the future and continues to set industry standards as an agentic procurement orchestration platform constructed to support modern businesses, it is anticipating further expansion of its AI capabilities throughout the procurement process to reduce workload and drive efficiencies.
