Coupa Software said it raised $22 million in a Series E round led by Crosslink Capital and joined by Battery Ventures, BlueRun Ventures, El Dorado Ventures and Mohr Davidow Ventures. The company said its new valuation is a significant multiple over previous rounds.
Coupa Software Raises $22 Million in Series E Funding Round
New Investor, Crosslink Capital, Leads Funding for Cloud-based Disruptor
SAN MATEO, Calif. – May 10, 2012 – Coupa Software, the fastest growing 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.
About Coupa Software
Founded in 2006, Coupa Software is the fastest-growing provider of cloud-based spend optimization software. More than 200 customers in 40 countries use Coupa purchasing and procurement software to amplify their spend power and reduce spending costs up to 11 percent. Only Coupa provides a true cloud procurement application that enables customers to launch the solution rapidly and quickly realize significant savings. Learn more at: http://www.coupa.com or call 650.931.3200.Read more at our company blog, Making Cents, or follow @Coupa on Twitter.