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.