Coupa Raises $40M to Accelerate Development and Global Expansion
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:
- Revenue: Coupa surpassed 100 percent revenue growth year over year.
- Renewals: Customer renewals exceeded 95 percent for the year.
- New Partners: The number of new partners increased 30 percent with over 140 companies now part of Coupa’s partner ecosystem.
- New Solutions: Coupa released Coupa 9 and Coupa 10 in 2013, which included major enhancements across the suite of applications. Coupa also released five new industry solutions tailored for specific markets: financial services, food and beverage, healthcare, high technology, and retail.
- Global Expansion: In Q4, Coupa expanded to Latin America to fulfill growing demand in that region. The largest customer of note was the Colombian Government's Colombia Compra Eficiente (Buy Efficient Colombia) who selected Coupa to help achieve their goal of saving $1 billion in the next two years.
- Supplier Growth: During 2013, the number of suppliers grew by more than 50 percent to over 800,000.
- New Customers: New customer wins in Q4 2013 included the Colombian Government, Associated Banc-Corp, ARC Document Solutions, Marketo, Qualys, and Barney & Barney to name a few.
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:
- Total Spend Amount Through Coupa: 117 percent increase
- Purchase Orders Processed: 103 percent increase
- Invoices Processed: 160 percent increase
- Number of Expense Lines: 222 percent increase
- Number of Coupa Users: 82 percent increase
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 650.931.3200. Read more on the Coupa Blog, or follow @Coupa on Twitter.