E-Procurement Software Innovator Coupa Secures Series-A Funding
Coupa Positioned to Deliver Value to Companies of All Sizes by Offering Simplified, Affordable Best-in-Class Purchasing
Foster City, Calif. - March 13, 2007 - Coupa Software, founded to simplify corporate purchasing, announced today that it has secured A-round funding from the leading early-stage venture capital fund BlueRun Ventures, as well as several private investors. Coupa will use this investment to accelerate market and product development plans. The company also announced that Jonathan Ebinger, managing partner at BlueRun, and Vineet Buch, a BlueRun principal, joined the Coupa board of directors.
Coupa was founded in 2006 by Oracle veterans Dave Stephens and Noah Eisner to tackle the problem at the root of most e-procurement failures: employee noncompliance. Coupa combines best-in-class functionality for controlling departmental and employee purchasing with simplicity - providing a solution so easy to use that employees actually prefer using Coupa for their business purchasing needs.
"E-procurement has hit the wall, and traditional solutions cannot be improved to re-energize it. Coupa's mission is to radically simplify e-procurement, make it affordable, and bring its unfulfilled promise of increased savings and efficiency to companies of all sizes." said Dave Stephens, CEO and co-founder. "Now, with Jonathan and Vineet on our team, we have additional operational expertise to build a strong and growing company."
"Unlike others in the industry, Dave and Noah clearly understand that the real innovation in e-procurement will happen in two areas. First, you must ensure that the average employee actually buys into e-procurement and, second, you must make the solution cost-effective enough to be accessible to companies across a broad spectrum of industries," said Jonathan Ebinger. "I believe that the convergence of significant market opportunity and the founders' expertise make Coupa a marketplace winner."
About the New Board Members
Ebinger and Buch bring a wealth of business and enterprise-class software experience to Coupa's board of directors. They join current board members, Stephens and Eisner.
Ebinger is a managing partner with BlueRun Ventures. Prior to joining BlueRun, he was vice president of marketing for Qwest Communications and held senior level positions at Bell Atlantic Internet Solutions and MCI Communications. Additionally, he founded and successfully exited Simply Savings, Inc., an Internet start-up in the telecom arena. He earned his M.B.A from the Darden School of Business at the University of Virginia and holds a B.S. in finance from Virginia Tech. Ebinger serves on the board of directors of Apogee Photonics, Availink, Enpocket, FreedomPay, Qovia, and SunRocket.
Buch is a BlueRun Ventures principal. Previously, he served as a director in Oracle's server technologies group. He was co-founder and chief technology officer of Karient, a provider of systems management software. Buch started Karient after serving as senior director of engineering at Corio. Before joining Corio, he was a practice manager at Oracle Consulting. Buch has an M.S. in computer science from Cornell University and a B.Tech. in computer science from IIT, Kanpur in India.
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 and Shanghai. For more information, visit www.brv.com.
About Coupa Software
Coupa was founded in 2006 to fulfill the promise of effective procurement for companies of all sizes. Coupa simplifies purchasing for employees while providing much-needed control for the purchasing department.
For more information please visit www.coupa.com or call 650.585.6306.