Photo: Rob Bernshteyn
Coupa Software is growing like mad by solving a tough problem for companies — helping them know if they are spending too much money, and too much time, buying the supplies they need.The company just landed a $22 million series E round, bringing its total funding to $34 million. It’s had 13 consecutive quarters of sales growth (soon to be 14, according to CEO Rob Bernshteyn). It’s responsible for more than $21 billion in spending by companies and has big customers like Reebok, Subway, Toyota and Salesforce.com.
Coupa is a software-as-a-service for purchasing — meaning whatever a company buys, they can do it through Coupa. It keeps track of prices, contracts, approvals and eliminates the need for employees to buy their own stuff and submit expense reports. What employee wouldn’t love to get rid of expense reports?
But what’s really cool about Coupa is that it can analyse the spending habits of all of its users and then tell your company how you compare. It will tell you stuff like “in your company approval time for buying a mobile phone is 4 days and goes through 8 people. The average in the network is 72 hours and 4 people, so maybe you should streamline your process,” says Bernshteyn. Companies can get feedback on if they are paying more than others, too.
Bernshteyn says that with this last round, he turned away money. “We were looking to raise $10-$15 million.” After raising $22 million he turned the faucet off. “We didn’t really need more and we don’t want to get too greedy,” he says.
Bernshteyn was formerly VP of global marketing of SuccessFactors. He started there when the company only had a dozen employees; it later went public and made millions.
Coupa’s backers include Crosslink Capital, Battery Ventures, BlueRun Ventures, El Dorado Ventures and Mohr Davidow Ventures.