Coupa, the developer of a cloud spend management (CSM) platform, has raised $12 million in Series D funding led by Mohr Davidow Ventures with
El Dorado Ventures, BlueRun Ventures and Battery Ventures participating. This brings Coupa’s total funding to $27 million.
Coupa’s software suite allows companies of any size to maintain better control over costs by keeping tabs on purchases, suppliers, existing contracts etc. and automatically looking for ways to spend budgets in a cost-saving manner. The web-based e-procurement program also helps streamline communication between all employees and executives over financial and business matters. It’s sort of like an Amazon.com (for procurement) meets Mint.com (for personal finance) to help companies manage their finances, purchases and inventory.
Other features include the ability to tweet from the platform, automated expense report scoring, expense line notifications that thank employees for “being frugal” when the expense is well below the category average (and warn them when those expenses “seem a little high”), integration to Salesforce.com, Google Maps and more.
Coupa’s customers include Michaels Stores, Pandora, Williams Sonoma, and others. And overall active users on the platform grew eight-fold in 2010, says the company.