SAN FRANCISCO--(BUSINESS WIRE)--Zip, the world’s leading procurement orchestration platform, today celebrated a transformative year that established procurement orchestration as a critical capability for modern enterprises. Throughout 2024, the platform processed more than $107 billion in spend across more than 4 million suppliers, while helping customers like Hewlett-Packard (HP), Advanced Micro Devices (AMD), and Anthropic streamline operations and drive measurable results.
“When we introduced procurement orchestration in early 2024, it wasn’t just a new term—it was a new way of thinking,” said Rujul Zaparde, Co-founder and CEO of Zip. “Now, leading analysts recognize it as a pivotal category, and global enterprises have embraced it as the key to unlocking innovation. This shift is fueled by tangible outcomes: driving savings, streamlining complexity, and delivering unprecedented ease of use. And we’re just getting started.”
This year, Zip reached several pivotal milestones, underscoring its commitment to modernizing business procurement on a global scale:
Investment & Growth
- Secured a landmark $190 million Series D funding round—the largest investment in procurement tech in two decades
- Named a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Spend Orchestration 2024 Vendor Assessment (doc #US51795424, September 2024)
- Attracted leading enterprise customers including HP, AMD, Pinterest, Northwestern Mutual, Toast, Instacart, Sprouts Farmers Market, Unifi Aviation, and Affirm, among many others
- Tripled growth across large enterprises, in part due to Zip’s highly successful Procure-to-Pay (P2P) product line, which has seen explosive adoption by major enterprises like Northwestern Mutual, Toast, and Coinbase
Brand & Community
- Hosted Zip Forward 2024, Zip’s second annual conference, bringing together over 400 finance and procurement executives from industry leaders like Prudential, Arm, and Reddit
- Unveiled a bold new brand identity, developed by a world-class design team from Nike, Airbnb, and Google — bringing consumer-grade design and intuitive user experience to the traditionally complex world of procurement software
- Expanded global presence with a new London office and 400% workforce growth in EMEA to meet surging demand across the UK, Germany, and France
Product Innovation
- Launched Zip Premier, an enterprise-grade suite with advanced features for multinational organizations
- Released a new Integration Platform and Orchestration Library, featuring over 100 pre-built workflow templates to make enterprise implementation faster than ever
- Introduced a comprehensive AI suite that guides employees through the purchasing process while automating intake, document extraction, and invoice processing
- Deployed Preferred Supplier Purchasing to fast-track buying from existing vendors, and integrated with Workday Adaptive Planning to provide real-time budget visibility
- Implemented 500 customer-requested features and deployed 20,000 code improvements
Platform Impact
- $4.4 billion saved for our customers
- $107 billion total spend processed
- 11.7 million total approvals
- 4.16 million Zip AI insights delivered
- 4.12 million suppliers managed by Zip
- 4.6 million days of cycle time saved by Zip customers
Throughout the year, Zip's innovations and market impact earned recognition from Forbes, Fortune, Bloomberg, and TechCrunch as a pioneer in enterprise technology. The company was also named to Fast Company's Next Big Things in Tech, Inc.'s Best in Business Awards, and Forbes’ Best Startup Employers in America. A June 2024 IDC Business Value report revealed that large enterprise organizations using Zip's platform achieve average benefits worth 3.6% of savings in total spend under management. The report showed purchasing cycles accelerated by 55%, while procurement teams reported 25% gains in productivity per employee.
Customer success stories exemplify the platform’s impact. Snowflake achieved over $300 million in savings and brought clarity to $6.7 billion in spending with Zip; Discover Financial Services achieved a 67% increase in throughput and a 14% reduction in cycle times, eliminating over 3,000 business approvals annually; and UCI Health streamlined healthcare procurement processes to enable doctors and nurses to focus on providing life-saving medical treatment without administrative delays.
“If 2023 was the Year of Intake, then 2024 was undoubtedly the Year of Orchestration,” added Zaparde. “Looking ahead to 2025, we see procurement evolving through the convergence of best-of-breed tools and source-to-pay models into a single orchestrated platform. We’re excited to continue improving how businesses interact with suppliers and manage spending, so that every organization can access the resources they need to operate at peak performance.”
Click here to read more about Zip’s transformative 2024.
About Zip
Zip is the world’s leading procurement orchestration platform, empowering 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. With Zip, businesses can maximize employee adoption of purchasing policies and increase spend visibility and control. As the leading solution for optimizing business spend, Zip’s AI-powered platform is trusted by hundreds of leading enterprises worldwide, including AMD, Anthropic, Arm, Canva, Coinbase, Discover, Dollar Tree, HP, Instacart, Lyft, Northwestern Mutual, Pinterest, Prudential, Reddit, Sephora, Snowflake, Sprouts Farmers Market, and Toast to maximize the ROI of every dollar. To learn more, visit ziphq.com.
