Coupa Software Raises $7.5M in Series C Funding Round
El Dorado Ventures leads investment in on-demand provider of e-procurement applications.
San Mateo, Calif. - September 1, 2009 - Coupa Software Inc., developer of on-demand e-procurement software that helps companies control spending and generate savings, today announced the completion of a $7.5 million Series C financing round led by El Dorado Ventures, an early-stage investor in disruptive technologies and business models in emerging and high-growth markets. Previous investors Blue Run Ventures and Battery Ventures, both of Menlo Park, California, also participated in the round.
"Other e-procurement solutions are undifferentiated," said Charles Beeler, a general partner at El Dorado, "that's not the case with Coupa Software. Their approach provides companies with 'predictive spend dashboards', 'crowd sourcing', and 'spend benchmarking', which should be extremely compelling to any company interested in finding additional ways to save money."
Coupa's cloud-based e-procurement platform proves you do not need a lot of money, time and IT resources to instill discipline and control into a company's purchasing processes. With usability that rivals that of consumer shopping sites, and affordable subscription-based pricing, Coupa brings spend control, automation, efficiency, and savings to companies trying to cut costs.
Beeler added, "El Dorado is actively investing in businesses that have an important role to play in the economic recovery. Coupa is well positioned to help companies find savings opportunities in the final frontier of spend control - indirect spending."
Earlier this summer, Coupa Software announced several unique innovations as part of its July release, including:
- Predictive Spend Dashboards - new spending dashboards provide real-time insight into corporate spending, and forecast spending into the future.
- Coupa iRequest and Coupa iBuy - now the employee permission-based requisition and ordering process is as easy as shopping on Amazon, but with all the controls of robust review and approval workflows
- Transactional benchmarking - Going one step further than survey-driven benchmarks to use actual transactional data, Coupa customers can opt in to a program that compares their performance on 18 key performance indicators against that of the market.
- Integration to QuickBooks - now smaller customers can connect their purchasing system to Quickbooks as part of Coupa's Quickstart configuration wizard.
- Tweet Your RFQs - promote your RFQs and reach more suppliers through Twitter
"The addition of El Dorado Ventures as investors further validates Coupa's mission of helping companies spend smarter in these tough economic times," said Rob Bernshteyn, CEO of Coupa. "Today, Coupa delivers the easiest to use, quickest to implement, and most cost-effective spend management solution on the market. With this funding round, we will continue to execute on our business plan here in the U.S. and worldwide."
Beeler will join Coupa's board of directors alongside current board members Rob Bernshteyn, Coupa CEO; Dave Stephens, Coupa co-founder; Mark Sherman, managing director at Battery Ventures; and Jonathan Ebinger of Blue Run Ventures.
About Coupa Software
Coupa is the leading on-demand provider of solutions that control and streamline purchasing for organizations beyond the Fortune 500. Coupa e-Procurement delivers an easy to use, fast to deploy and affordable solution for requisitioning, 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 software-as-a-service platform, a network of more than 2,300 suppliers, and a fast-growing community of customers, Coupa enables smarter spending practices that allow companies to save money quickly. For more information, please visit http://www.coupa.com or call +1.650.931.3200.
About El Dorado Ventures
El Dorado Ventures (EDV) is a leading entrepreneur-focused, early-stage venture capital firm with over two decades of success. Entrepreneurs see EDV as a trusted investment partner who shares their vision and helps them succeed by providing ongoing strategic guidance and access to a wealth of industry contacts. With $750 million in capital under management, the firm invests in disruptive technologies and business models in emerging and high-growth markets, across a broad range of sectors including software, technology-enabled services, communications and emerging technology. El Dorado's early-stage investments have included Compellent Technologies, Cyras Systems, EarthLink, Efficient Networks, Novellus and NuSpeed Internet Systems. Numerous EDV portfolio companies have gone public or been acquired by major technology companies including AT&T, Ciena, Cisco Systems, nVidia, Siemens, Texas Instruments and Yahoo. For more information, please visit http://www.eldorado.com">www.eldorado.com.