Coupa Raises $40 Million in 48 Hours
Coupa is an innovative app takes a cloud approach to expense tracking. Founded in 2006, Coupa looks to remove the headaches of paperwork from the expense tracking process. The service was founded around the idea that managers can use smartphone apps to update invoices, payroll and billings and receivables. This empowering technology has streamlined the process of procurement. Coupa ensures that your employees, vendors and contracts get paid.
Rob Bernshteyn is the CEO of Coupa. His company’s innovative technology allows people to do away with the hassle of keeping up with receipts and paperwork while on the road. Employees who work abroad for business typically use their corporate credit cards and send pictures of the receipts through the app. Without having to fill out any paperwork, the app uses the cloud to decipher the information on the receipt and puts those numbers into a database. The cloud can be used to determine which vendors receive the most business from your employees. That data can then be used to reach out to the vendor and negotiate perks, rewards or discounts based on frequency of use.
It is noted that Meritech Capital Ventures led the funding of this venture. Icon and Northgate Ventures also participated in this funding. There were other investors however the press release did not name the additional VC firms that have invested. Coupa has garnered impressive clientele. The company currently has contracts with Toyota, Coca-Cola and Pandora.
Coupa faces stiff competition in this field. Competitors such as Concur and others have a lock on this market but CEO Bernshteyn isn’t fazed and welcomes the competition. In an interview with VB, Bernshteyn mentions, “We’ve been really aggressively investing in research and development.” He goes on to say, “We had a lot of success in Europe now, quite a bit in Latin America as well.” This latest round of funding brings total funding for Coupa at $87.5M since 2006.
