Coupa Software said Tuesday it closed a $12 million Series D round of financing in a deal led by Mohr Davidow Ventures and joined by existing investors El Dorado Ventures, Battery Ventures, and BlueRun Ventures. MDV General Partner Bryan Stolle will join the board of the San Mateo, Calif, based provider of spending management software.
Coupa Raises $12M to Accelerate Cloud Transformation of the
Spend Management Industry
SAN MATEO, Calif. – February 15, 2011 – Coupa Software, developer of category-disrupting cloud spend management (CSM) solutions, today announced it has closed a $12 million Series D round of funding to accelerate the transformation of the e-procurement and expense management industry. Mohr Davidow Ventures led the financing, and General Partner Bryan Stolle will join the Coupa Board of Directors. Previous investors El Dorado Ventures, Battery Ventures, and BlueRun Ventures also participated in the round.
As corporate America increasingly focuses on being smarter and more efficient with business spending, Coupa addresses procurement and expenses needs head on by delivering a level of visibility and control over spending that never existed before. Coupa combines e-procurement and expense management capabilities into a single solution that is easier to use, faster to configure and deploy, and more cost-effective than anything available today. Innovations like cross-company benchmarking, consolidated executive dashboards, and numerous mobile review and approval capabilities deliver value that sets Coupa apart from the competition. Adoption of the Coupa Cloud Spend Management Platform exploded in 2010 with monthly recurring revenue growing 156% year-over-year, placing Coupa among the fastest-growing software-as-a-service (SaaS) companies.
“We are committed to providing a frictionless user experience that guarantees instant adoption. Without employee usage, you cannot get spend under management. And if you do not have spend under management, you lack the visibility you need to make intelligent decisions about future spending,” said Rob Bernshteyn, CEO of Coupa Software. “Forward-thinking companies are embracing and realizing significant savings by leveraging our cloud spend management solutions.”
As the only true multi-tenant cloud spend management solution, Coupa distinguishes itself from the competition by providing unmatched usability and a long list of disruptive innovations like budget impact notifications on pending requisitions and expense reports, robust mobile capabilities (including dedicated iPhone applications), the ability to tweet RFQs, automated expense report scoring, expense line notifications that thank employees for “being frugal” when the expense is well below the category average (and warn them when those expenses “seem a little high”), integration to Salesforce.com that allows sales users to associate expenses with active opportunities, Google Maps integration for calculating mileage expenses, and iRequest, which allows users to requisition items from anywhere on the web.
“Mohr Davidow is always seeking to partner with great entrepreneurial teams that are delivering exceptional results against large market opportunities. The Coupa team is rapidly growing its customer base amongst name brand companies with a very cloud-based web consumer approach to spend management – a category, like many others on the business side, which has historically suffered from a poor user experience and low end-user adoption. The opportunities to re-think the whole category, from the user experience to the value for both buyers and sellers is compelling and exciting, and we are delighted to join the team,” said Bryan Stolle, General Partner at Mohr Davidow Ventures.
“Coupa has emerged as a significant player in not only the e-procurement and expense management space, but as a disruptive innovator in the cloud ecosystem in general,” said Jonathan Ebinger, Partner at BlueRun Ventures and Coupa’s initial backer. “By empowering organizations to spend less, reduce operating costs and improve visibility and spend predictability, they are truly shifting the paradigm in terms of how companies buy, spend and manage these expenditures from an overall corporate finance perspective.”
Coupa’s customers span businesses of all sizes from across industries – from Rent-A-Center, Michaels Stores, Pandora, and Berkshire Bank, to Diagnostic Health, Williams Sonoma, and the leading global foodservice retailer in the world – affirming the universal appeal and significant adoption of the Coupa Cloud Spend Management platform. Overall active users on the platform grew eight-fold in 2010.
About Coupa Software
Coupa is the leading on-demand provider of solutions that control and streamline purchasing and expense management for organizations large and small. Coupa Cloud Spend Management delivers an easy to use, fast to deploy and affordable solution for requisitions, expense reporting, approval management, purchase orders, RFQs, inventory and invoicing, with no hardware to buy or software to license. With deep domain knowledge in e-procurement, a best-in-class cloud platform, and a fast-growing community of customers doing business with over 80,000 suppliers, Coupa enables smarter spending practices that empower companies to save money quickly. For more information please visit, http://www.coupa.com or call 650.931.3200.