B2B financial software provider Coupa Software has raised $40 million in Series F funding to help it compete with major players in the market, such as SAP.
The firm, headed by Rob Bernshteyn, said the round of funding was led by Meritech Capital, with participation from Northgate Ventures and Icon Ventures.
The additional capital brings the total money the firm has raised to $87 million since it was launched in 2006. Six term sheets from prospective investors were received within 48 hours, according to Mr Bernshteyn, indicating the demand to invest in the company.
Coupa makes use of cloud technology to help companies track expenses, procurement contracts and various pieces of other information, that is often regarded as unimportant or not glamorous.
This data is integrated with current enterprise software and enables users to feed data directly into the system from their mobile phones.
Funding was sought by Coupa as it looks to expand internationally. It hopes to roll out the financial software to 50,000 users in 85 countries in the coming years.
The company said it wanted to cut transaction costs and get a procurement system that’s easier to use and more streamlined, without having to customise it.
Growth of the firm has been strong in recent years, with Mr Bernshteyn, explaining that it has witnessed 100 per cent growth for each of the last five years because of the unwavering focus on delivering measurable success to customers.
He added: "The new investment will be used to further extend Coupa's suite of organically developed cloud spend optimisation solutions and continue the company’s expansion across the globe."
George Bischof, Meritech Capital Managing Director, which invested in Coupa Software, said: "It’s not a Frankenstein composite of acquisitions that are difficult to integrate…With Coupa you can get up and running without it costing you an arm and a leg."
By Gary Cooper