Another day, another billion dollar valuation in the world of cloud. Coupa Software has just raised another $80 million. This latest round has enables Coupa Software to go over the $1 billion valuation mark.
Coupa Software is no stranger to funding. In fact, this round was its seventh overall, which was led by T. Rowe Price, Iconiq Capital, and PremjiInvest. Both Iconiq Capital and Premjilnvest are well-known investment firms, managing the personal fortunes of some of the most powerful people in tech – Mark Zukerberg, Jack Dorsey and Azim Premji. There are quite a large number of other outside Coupa Software investors such as Meritech Capital Partners, El Dorado Ventures, Crosslink Capital, Mohr Davidow Ventures, Battery Ventures, Blue Run Ventures and Rally Ventures. Coupa Software has now raised a total of over $165 million.
Generally speaking, it is uncommon to see so many investors involved in a company with *only* a $1 billion valuation. That is to say: though $1 billion is certainly an achievement in it of itself, there have been quite a few recent cloud companies who were either valued at or were bought for at least $1 billion. While these companies were bought at record prices, almost none had the exposure and sheer amount of investors involved. So, what makes Coupa Software so special?
Coupa Software, through the use of a new cloud application, allows companies to truly manage and control their spending. Every business is worried about cash flow and their overall finances, and many are over-spending. Thus, Coupa Software is now transforming the acronym of SaaS from “Software as a Service” to “Savings as a Service.”
As for the cloud app itself: it integrates with existing ERP (enterprise resource planning) apps companies use to handle their cash and finances, including those from Oracle, SAP and NetSuite. In addition to this, the app can also handle daily tasks such as procurement, invoicing, employee expenses, budgeting and managing inventory.
To date, Coupa Software customers have reportedly spent roughly $120 billion, while saving over $5 billon alone just from Coupa’s cloud app. Tech giants Salesforce and Pandora are well-known Coupa Software customers.