Zip
Funding History
| Series B · 05/2022 | $1.2B |
|---|---|
| Series C · 05/2023 | $1.5B |
| Series D · 10/2024 | $2.2B |
Overview
Zip is an enterprise software company that builds an AI-powered platform for procurement orchestration, aiming to automate the full "intake-to-pay" process -- covering global sourcing, compliance, and spend management -- for large organizations. The company describes its product as purpose-built AI agents that sit across the procurement lifecycle, from an employee's initial purchase request through vendor approval, contracting, and payment. It was founded by Rujul Zaparde, Lu Cheng, Felix Meng.
Zip was co-founded in 2020 in San Francisco by Rujul Zaparde (CEO), Lu Cheng (CTO), and Felix Meng (GTM), who set out to modernize what they characterized as a slow, fragmented enterprise procurement process. The company has since built out an "Enterprise Transformation Office" of former corporate procurement executives -- including leaders who previously held chief procurement officer or senior procurement roles at organizations such as UnitedHealth Group, Ameriprise Financial, Sanofi, MGM Resorts, and Figma -- to help large customers adopt the platform.
According to its own site, Zip's customers include large enterprises such as OpenAI, Dollar Tree, T-Mobile, and Snowflake, and the company states it was named to the 2026 Gartner Magic Quadrant for Source-to-Pay Suites as the only procurement orchestration platform included. In May 2025, Zip announced a partnership with corporate-card and spend-management company Brex, embedding Brex's virtual cards directly into Zip's platform for shared enterprise customers.
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