Coupa Software, developer of category-disrupting cloud spend management (CSM) solutions, today announced it has closed a $12 million Series D round of funding to accelerate the transformation of the e-procurement and expense management industry. Mohr Davidow Ventures led the financing, and General Partner Bryan Stolle will join the Coupa Board of Directors. Previous investors El Dorado Ventures, Battery Ventures, and BlueRun Ventures also participated in the round.
As corporate America increasingly focuses on being smarter and more efficient with business spending, Coupa addresses procurement and expenses needs head on by delivering a level of visibility and control over spending that never existed before. Coupa combines e-procurement and expense management capabilities into a single solution that is easier to use, faster to configure and deploy, and more cost-effective than anything available today. Innovations like cross-company benchmarking, consolidated executive dashboards, and numerous mobile review and approval capabilities deliver value that sets Coupa apart from the competition. Adoption of the Coupa Cloud Spend Management Platform exploded in 2010 with monthly recurring revenue growing 156% year-over-year, placing Coupa among the fastest-growing software-as-a-service (SaaS) companies.
As the only true multi-tenant cloud spend management solution, Coupa distinguishes itself from the competition by providing unmatched usability and a long list of disruptive innovations like budget impact notifications on pending requisitions and expense reports, robust mobile capabilities (including dedicated iPhone applications), the ability to tweet RFQs, automated expense report scoring, expense line notifications that thank employees for "being frugal" when the expense is well below the category average (and warn them when those expenses "seem a little high"), integration to Salesforce.com that allows sales users to associate expenses with active opportunities, Google Maps integration for calculating mileage expenses, and iRequest, which allows users to requisition items from anywhere on the web.
DreamSimplicity's Interview with Coupa:
Coupa's customers span businesses of all sizes from across industries -- from Rent-A-Center, Michaels Stores, Pandora, and Berkshire Bank, to Diagnostic Health, Williams Sonoma, and the leading global foodservice retailer in the world -- affirming the universal appeal and significant adoption of the Coupa Cloud Spend Management platform. Overall active users on the platform grew eight-fold in 2010.