Coupa Raises $6 Million to Fuel Growth of SaaS e-Procurement Platform
Battery Ventures Leads B-Round for SaaS e-Procurement Leader; Mark Sherman to Join Board
Foster City, Calif. – April 9th, 2008 – Coupa Software, the leading on demand e-procurement vendor for small and mid-sized businesses (SMBs), today announced that it has raised $6 million in additional capital to fund continued business expansion and maintain its 100 percent-plus growth in customer sales and transactional spend through 2008 and beyond.
The round was led by Battery Ventures and included BlueRun Ventures, who spearheaded the company’s Series A last year. In conjunction with the financing, Battery Ventures’ General Partner Mark Sherman joins Coupa’s Board of Directors.
“Coupa is democratizing e-Procurement,” said Mark Sherman, general partner, Battery Ventures. “They are bringing big company functionality to a multibillion dollar market of small and medium businesses, and it’s a welcome addition. Coupa’s rise has been rapid, and we think they are just getting started.”
Coupa’s e-procurement software provides a one-stop shopping center where employees can conveniently find approved products, share their experiences, place orders and launch the approval cycle. With everything related to purchasing in one spot -- from employee requisitions to receiving, inventory, and invoicing -- companies can control spending while streamlining their operations. And, because Coupa e-Procurement is software-as-a-service (SaaS), implementation is quick and simple, with no special hardware or software to install and maintain. With dozens of customers across all sectors, Coupa is fulfilling the promise of efficient, cost-effective e-procurement for companies beyond the Fortune 500.
“We’re transforming the way small and mid-sized businesses buy by making e-procurement easy-to-use and accessible,” said Dave Stephens, CEO and co-founder, Coupa Software. “Our growth is rapid -- we've signed 15 customers in the first quarter of 2008 alone, transactional spend has increased more than 100% every month and already more than 2300 suppliers are participating. With today’s additional capital, we will scale our sales and marketing efforts even further as we continue to build out the platform and deliver value to buyers and suppliers alike.”
“The innovations that this team has brought to the procurement field are truly groundbreaking,” said Jonathan Ebinger, partner at BlueRun Ventures. “We invested even before they signed their first customer because we saw that Coupa has what it takes to establish long-term market leadership. We continue to stand behind the team's many achievements.”
About the New Board Member
Mark Sherman is a general partner with Battery Ventures, focusing on software and services, India, mobile, and consumer Internet investments. He joins current Coupa board members Dave Stephens, Noah Eisner, Jonathan Ebinger and Andy Jassy.
Prior to his work with Battery, Sherman was a managing director at Robertson Stephens and led the firm's Software and Internet banking practices. Previously, he was an associate in the mergers and acquisitions group at Lazard Freres & Co. and at the advisory boutique of McFarland Dewey & Co. He also serves on the board of the Silicon Valley Chapter of the US-Indian Venture Capital Association (US-IVCA), is an active Charter Member of The Indus Entrepreneurs (TiE), and is on the board of its Software SIG.
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company's life, from start-up and expansion financing, to growth equity and buyouts. Its current portfolio includes a variety of innovative software companies such as BladeLogic [BLOG], Bazaarvoice, ITA Software and Consona. From offices in Boston, Silicon Valley and Israel, Battery manages nearly $3 billion in committed capital, including its current fund of $750 million. Visit www.battery.com.
About BlueRun Ventures
Launched in 1998, BlueRun Ventures is a leading early-stage venture capital fund. BlueRun Ventures' proven approach is to invest globally as a single fund in best-of-breed technologies and teams with the drive and ability to build leading global companies. BlueRun Ventures is headquartered in Menlo Park, Calif., with offices in Helsinki, Herzelia (Israel), Mumbai, Seoul, Beijing and Shanghai. For more information, visit www.brv.com.
About Coupa Software
Coupa is the leading on demand provider of solutions that automate and control purchasing for organizations beyond the Fortune 500. Coupa e-Procurement On Demand delivers a simple, quick and affordable solution for requisitioning, purchase orders, RFQs, inventory and invoicing, with no hardware to buy or software to license. With best-in-class ease of use, Coupa's system enables companies to greatly increase efficiencies and save money quickly.
For more information please visit www.coupa.com or call 650.585.6306.