Coupa Software, a San Mateo, CA-based provider of spend management solutions, closed an $80m investment round.
The round was led by funds and accounts advised by T. Rowe Price Associates, Inc. and Iconiq Capital, with participation from Premji Invest and existing investors Crosslink Capital, Battery Ventures, El Dorado Ventures and Rally Ventures.
The company, which has raised more than $165m in total, intends to use the capital for continued expansion of its global operations, grow sales, support and marketing worldwide, and increase product development.
Led by Rob Bernshteyn, CEO, Coupa provides cloud-based financial applications to more than 500 customers in over 40 countries, including Sanofi, Salesforce.com, BNP Paribas North America, NEC, Royal Bank of Canada, Swiss Re, and Highmark Health. Its suite of cloud applications for finance include accounts payable, sourcing, procurement and expense management.