(Reuters) – Business software company Zip said on Monday it was valued at $2.2 billion in a funding round led by technology investment firm BOND.
The Series D funding round, which raised $190 million, saw the participation of new investors DST Global, Adams Street and Alkeon along with existing backers Y Combinator and CRV.
Zip offers companies a platform to streamline their procurement, which is the process of acquiring goods and services necessary for business operations.
The funding will support the expansion of new product lines, the company said.
“Companies are wasting billions of dollars and countless hours navigating byzantine approval processes, dealing with security risks, and manually entering data,” co-founder and CEO Rujul Zaparde said in a statement.
“Zip has already proven that we can fix that, saving our customers billions of dollars and thousands of hours of time — and our new round of funding will allow us to continue to revolutionize business spending,” he added.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shreya Biswas)
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