Coupa secured $80m in its latest funding round
Cloud-based provider Coupa has secured $80m in a funding round led by T. Rowe Price Associates and Iconiq Capital, bringing total investment raised by the startup to $165m.
Premji Invest, Crosslink Capital, Battery Ventures, El Dorado Ventures and Rally Ventures also participated with the latest funding round.
“This financing allows Coupa to continue investing in our go-to-market capacity and further expand our market-leading product portfolio and cloud innovations,” said Rob Bernshteyn, chef executive of Coupa.
“With our cloud spend management solutions we are redefining the value software should deliver to businesses and changing how customers define success from enterprise software solutions. We’re thrilled to have this roster of investors backing us as we grow our leadership and continue bringing our unique Savings-as-a-Service offering to the world’s most successful companies,” Bernshteyn added.
The spend-management provider said it plans to use the capital to bolster its global operations including sales, support and marketing.
Coupa said it wants to help “consumerise B2B commerce” for firms and their suppliers and make spend management simple, and the company seems to be enjoying a reasonable amount of success at convincing some of the largest firms – some of its customers include Salesforce, one of the largest Coca Cola bottlers in America, Royal Bank of Canada and BNP Paribas North America. It also claims more than $120bn in spend has passed through its platform to date.
Over the past year the company has focused on building out integrations and partnerships with ERP providers, announcing a deal with NetSuite in October 2014 for instance. Spend management software has long been high on the priority list of larger legacy incumbents. In 2012 for instance SAP bought cloud-based cash flow and expense management provider Ariba for $4.3bn, the same year Oracle introduced its own cloud-based expense management offering.
Coupa Software, provider of spend optimization software, announced today the completion of a $22 million in Series E financing round led by new investor Crosslink Capital. Venture capital firms Battery Ventures, BlueRun Ventures, El Dorado Ventures and Mohr Davidow Ventures continued their commitment to Coupa by also participating in the round. The latest valuation was a very significant multiple of previous rounds.
“Coupa’s unique technology platform and customer focused approach are disrupting the spend management market,” said Jim Feuille, general partner of Crosslink Capital. “In just the last year, the e-procurement space has found itself at the tipping point in moving to SaaS-based solutions. Coupa is well-positioned to be the leader in the $8 billion Spend Management Market.”
Earlier this year, Coupa introduced several enhancements to its software, once again paving the way for new standards in procurement and expense management. Coupa’s platform lets customers quickly and easily gain visibility and control a company’s spend. With Facebook-like usability and affordable subscription-based pricing, Coupa brings spend control, automation, efficiency and savings to companies striving to improve their bottom line.
“We’ve now had 13 consecutive quarters of new sales growth thanks to our engaged and growing customer base of leaders in their respective fields. This latest round will help fuel the company’s worldwide expansion well beyond 2015,” said Rob Bernshteyn, CEO of Coupa. “We couldn’t be more passionate about our mission of helping companies optimize spend.”
Crosslink Capital General Partner Jim Feuille will join Coupa’s board of directors as a board observer alongside current board members Rob Bernshteyn, Coupa CEO; Brian O’Malley, general partner at Battery Ventures; Jonathan Ebinger, investment partner with BlueRun Ventures; Charles Beeler, general partner with El Dorado Ventures; and Bryan Stolle, general partner with Mohr Davidow Ventures.