Meritech Capital Partners Leads Fundraising for Spend Optimization Applications Leader
SAN MATEO, Calif. – March 20, 2014 – Coupa Software, the leading provider of cloud-based solutions for finance, today announced that it has closed a $40 million Series F investment round, bringing total investment in Coupa to $87.5 million to date. Meritech Capital led the funding round, with participation from Icon Ventures and Northgate Ventures. Existing investors Crosslink Capital, Mohr Davidow Ventures, Battery Ventures, El Dorado Ventures, and Blue Run Ventures also participated. George Bischof, the managing director of Meritech Capital Partners, will join Coupa’s board as an observer.
“We have experienced 100 percent growth for each of the last five years because of our maniacal focus on delivering measurable success for our customers,” said Rob Bernshteyn, Chief Executive Officer, Coupa. “The new investment will be used to further extend Coupa's suite of organically developed, cloud spend optimization solutions and continue the company’s expansion across the globe.”
“The need for cloud-based financial applications like Coupa has never been greater as companies worldwide seek ways to more easily reduce costs and improve profitability,” said George Bischof, Managing Director, Meritech Capital Partners. “Coupa has established itself as the leader in this high-growth market and we're delighted to invest in the company's continued growth.”
Coupa recently posted record results for 2013. For the year, Coupa drove exceptional growth in the following areas:
Coupa’s cloud platform has proven to be sticky as customers rely on Coupa to manage essential areas of their businesses. Coupa continues to set the standard for user adoption as it has done since its early days. As a result, the transactional volume of Coupa’s SaaS Platform continues to soar with well over 100 percent YOY growth across all transactions.
Coupa Platform 2013 Transaction Growth:
About Coupa Software
Founded in 2006, Coupa Software is the leading provider of cloud-based financial applications. More than 400 customers use the Coupa suite of financial applications to reduce costs up to 11 percent. Only Coupa provides a suite of true cloud applications for finance, including procurement, expense management and accounts payable that allows customers to launch the solution immediately and quickly realize significant savings. Learn more at: coupa.com or call +1 (650) 931-3200. Read more at our company blog, Making Cents or follow @Coupa on Twitter.
Grayling for Coupa Software