One operation software business looking to help companies track and control their spending, Coupa, has announced its $22 million Series E round of funding.
This round was led by Crosslink Capital and included previous investors Battery Ventures, BlueRun Ventures, El Dorado Ventures and Mohr Davidow Ventures. The new round comes on top of Coupa’s $12 million Series D from February of last year.
This round of funding is targeted to help the company expand its product and move into new markets.
Coupa, founded in 2006, believes that it could be profitable in as little as a month if it wasn't taking on new funding but at the moment the company is focused on creating an even stronger product to help more companies.
Coupa is a platform that manages operating expenses -- from purchases and contracts to office supplies to temporary labor. Within the Coupa system, users enter the product or service they want approved and then the appropriate supervisor for approval.
The company platform also maintains the ability to keep people updated when they stay within their budget or warn them when they are running over budget and can tweet to thank employees for their work and cost-cutting efforts.
The service is paid for through an annual subscription and updates roll out quarterly for free so that businesses have all of the most up-to-date service available to them.
The company currently has 250 customers using its service (such as Salesforce, Pandora, Ross, The Limited, The Container Store, and Toyota) with a renewal rate is 96%.
Each of the last three years, Coupa has seen 130% in our recurring revenue and experienced thirteen quarters of sequential growth in new.
Competitors in this space include Spendmap, Hubwoo, and Capterra.