Coupa Closes $80 Million Financing Round
Coupa Software is the leading provider of cloud-based financial software, with over 500 customers in over 40 countries. Coupa provides a suite of true cloud applications for finance, including accounts payable, sourcing, procurement and expense management that allows customers to see a return on their investment within a few months as well as reduce their costs.
Coupa Software announced the closing of an $80 million investment round led by funds and accounts advised by T. Rowe Price Associates, Inc. and Iconiq Capital, with participation from Premji Invest as well as existing investors. Their total capital raises have now reached more than $165 million in aggregate.
Coupa plans to use the raised capital to further expand their global operations, grow sales, support and marketing worldwide, and increase product development to meet the evolving needs of global enterprises. One of their investors commented that they believe Coupa is delivering a disruptive force in the market with cloud innovations that are helping to redefine the value enterprise software delivers to businesses through creating business value for their customers and respective suppliers with an Open Business Network approach and Savings-as-a-Service offering.
The market opportunity for cloud spend management solutions, and therefore Coupa as well, is continuing to scale. Coupa paved the way for cloud-based spend management solutions and remains a leading pure play cloud provider offering an Open Business Network free of fees. They have taken the wheel of consumerizing B2 commerce for companies and suppliers.
Coupa was created based on the vision of delivering real, measurable customer success. This includes saving customers money and boosting profitability, earnings per share, and stock price. The software makes all of these things tangible and measurable.
Other benefits from the use of Coupa’s software include: seeing results sooner than with other software, consumerized user experience that leads to greater adoption, increased real-time visibility and control of spend across a global enterprise and purchase orders and invoices processed in days instead of weeks or months