Coupa Software, a San Mateo, CA-based provider of cloud-based solutions for finance, closed a $40m Series F round.
The round was led by Meritech Capital with participation from Icon Ventures and Northgate Ventures and existing investors Crosslink Capital, Mohr Davidow Ventures, Battery Ventures, El Dorado Ventures, and Blue Run Ventures. In conjunction with the funding, George Bischof, managing director of Meritech Capital Partners, will join Coupa’s board as an observer.
The company, which has now raised $87.5m, intends to use the funds to further extend its suite of organically developed cloud spend optimization solutions and continue the company’s and expand globally.
Founded in 2006 and led by Rob Bernshteyn, chief executive officer, Coupa provides cloud-based financial applications for finance, including procurement, expense management and accounts payable.
It has more than 400 customers.
In 2013, the company surpassed 100 percent revenue growth year over year and released five new industry solutions tailored for financial services, food and beverage, healthcare, high technology, and retail.