Launch of shopping Zipper saw its valuation increase 47% after raising $190 million in Series D, which he led Bond.
New investors also participated in the round Global summer time, Adams Street Partners AND Capital of Alkeontogether with current investors, Y Combinator AND CRV.
The round values the San Francisco-based company at $2.2 billion. In May 2023, Zip closed a $100 million Series C at a post-money valuation of $1.5 billion.
Zip helps businesses through the cumbersome process of purchasing recent software and hardware by helping customers source, approve and pay for business tools.
“Zip is one of those rare enterprise software capabilities that don’t come along very often,” he said Jay Simonsgeneral partner in Bond. “What sets Zip apart is its relentless focus on customer success and product innovation, which in today’s challenging macro environment is exactly what enterprises need to drive efficiency and reduce costs.”
The company will use the recent money to take a position in engineering and research and development, including a recent internal AI lab to create recent AI-based tools. The money will even be used for geographic expansion.
Founded in 2020, the company has raised over $371 million, via Crunchbase.
Investment purchase
Procurement falls under the broader umbrella of enterprise resource planning – software systems that help firms execute processes in departments corresponding to finance, human resources and supply chain.
According to Crunchbase, ERP startups have not seen massive capital expenditures in recent times data.
In 2023, startups in the industry raised just $240 million in 62 deals. This 12 months has been barely higher so far, with $314 million raised across 32 deals.
Zip’s raise last 12 months was the largest in the market in 2023, and the recent round of financing is the largest so far this 12 months.