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Meritech leads $40m Series F for cloud-based finance software company Coupa

20 Mar 2014

horizon_cloud_170sqMeritech Capital has led a $40m Series F financing round for cloud-based finance software business Coupa Software, more than doubling the total raised by the company.

Icon Ventures and Northgate Ventures also took part in the round alongside existing investors Crosslink Capital, Mohr Davidow Ventures, Battery Ventures, El Dorado Ventures, and Blue Run Ventures.

Meritech managing director George Bischof said, “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.

“Coupa has established itself as the leader in this high-growth market and we’re delighted to invest in the company’s continued growth.”

Coupa CEO Rob Bernshteyn said, “We have experienced 100 per cent 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.”

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