(Reuters) – Business software application firm Zip claimed on Monday it was valued at $2.2 billion in a financing round led by modern technology investment company BOND.
The Series D financing round, which increased $190 million, saw the involvement of brand-new capitalists DST Global, Adams Street and Alkeon together with existing backers Y Combinator and CRV.
Zip provides firms a system to simplify their purchase, which is the procedure of obtaining products and solutions needed for organization procedures.
The financing will certainly sustain the development of brand-new line of product, the firm claimed.
“Companies are wasting billions of dollars and countless hours navigating byzantine approval processes, dealing with security risks, and manually entering data,” founder and chief executive officer Rujul Zaparde claimed in a declaration.
“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 included.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shreya Biswas)
