Coupa Raises $40M in Series F Funding Round Led by Meritech Capital.
San Mateo-based Coupa Software has recently managed to raise over $40 million for its Series F funding round. a press released about the funding said.
This round was led by Meritech Capital and had other investors join in, such as Northgate Ventures, and Icon Ventures. Previous investors, Mohr Davidow Ventures, El Dorado Ventures, Crosslink Capital, Battery Venture, and Blue Run Ventures, have also given their support to the provider of cloud-based finance solutions. The statement went on to say that an agreement with Coupa software, had Meritech Capital Partners Managing Director George Bischof joining the Board of Directors as an observer,
The funding from this round will be going toward production development and expansion. Rob Bernshteyn, Chief Executive Officer of Coup had this to say, ”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. 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.”
During the previous year, Couple was able to exceed its yearly revenue growth by 100. There was also an increase of 30% in the numbers of firms Coupa has managed to partner with and currently have over 140 companies using their partner network. The number of suppliers has reached more than 800,000, which represents an increase of over 50%. Additionally, Coupa has managed to roll out Coupa’s 9 and 10 during the last year and launched five industry solutions specifically for financial services, healthcare, retail marketing, food and beverage and high technology.
During the fourth quarter of last year, the company was able to expand its services toward Latin America to meet the demand there. There biggest customer for the software firm was none other than, The Colombian Government-Colombia Compra Eficiente. Other customers to join in for the fourth quarter were the Associated Banc-Corp, ARC Document Solutions, Barney & Barney, Marketo and Qualys among other.
Meritech Capital Partners Managing Director George Bischof said in the press release., “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.”