Coupa Software Raises $7.5M in Series C Funding Round
El Dorado Ventures leads investment in on-demand provider of e-procurement applications
09.01.2009 – 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.
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- El Dorado Ventures leads $7.5M Series C funding financing round for Coupa Software. Charles Beeler joins BOD.
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- Coupa Software raises $7.5M in Series C funding round led by El Dorado Ventures
- El Dorado Ventures general partner Charles Beeler joins the Coupa Software board of directors
- Previous investors Blue Run Ventures and Battery Ventures also participated in the round.
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