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 said it addresses procurement and expenses needs with such innovations as cross-company benchmarking, consolidated executive dashboards, and numerous mobile review and approval capabilities.
Adoption of the Coupa Cloud Spend Management Platform expanded rapidly in 2010, with monthly recurring revenue growing 156 percent year-over-year, placing Coupa among the fastest-growing software-as-a-service (SaaS) companies, according to the solution provider. "Forward-thinking companies are embracing and realizing significant savings by leveraging our Cloud spend management solutions," said Rob Bernshteyn, CEO of Coupa Software.
Bernshteyn said that Coupa was committed to providing a "frictionless user experience" that could ensure rapid user adoption. "Without employee usage, you cannot get spend under management. And if you do not have spend under management, you lack the visibility you need to make intelligent decisions about future spending," he said.
Toward that end, Coupa said it provides capabilities like budget-impact notifications on pending requisitions and expense reports, robust mobile capabilities (including dedicated iPhone applications) and the ability to tweet RFQs, automated expense report scoring.
Other capabilities include 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.
According to Coupa, its 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. Overall active users on the platform grew eight-fold in 2010.
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