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.