2016, Coupa went public raising $133m at an initial $1.7bn valuation. Rowe, (ii) it expanded in Europe, (iii) it started its external growth strategy (acquiring 4 companies). It raised multiple rounds of funding every 12-24 months ($7.5m series C led by El Dorado in 2009, $12m series D led by Mohr Davidow Ventures in 2011, $22m series D led by Crosslink in 2012) and added several product modules (Supplier Network in 2009, Customer Benchmarking in 2010, Expense Management and Invoicing in 2011, Analytics in 2012, Advanced Contract and e-Invoicing in 2013).īetween 20, Coupa entered a new dimension while preparing for its IPO: (i) it managed to raise from flagship investors like Meritech, Iconiq and T. With the right positioning and top-management, Coupa started to grow at a strong pace (130% annual revenue growth between 20). In 2009, Coupa changed its CEO, with Rob Bernshteyn joining the company in February and Dave Stephens leaving it in September. It became a procurement platform in 2008 before raising a $6m series B led by Battery. I divided this post into the following sections:Ĭoupa was founded in 2006 by Dave Stephens (CEO) and Noah Eisner (VP Product Development). paying invoices, offering early payment discounts to suppliers etc.). Moreover, Coupa has been putting a strong emphasis in recent years on embedding financial services into its platform with Coupa Pay (e.g. Coupa is sold as a SaaS to its customers but it has cross-side network effects between its customers and their suppliers. My favourite thing about Coupa is that it’s a platform combining dynamics from the 3 most common business models in venture: SaaS, marketplace and financial services. In the last twelve months, Coupa generated $818m in revenues with 1,730 customers generating over $100k in ACV and registered -$272m in operating profit. It has 4 core modules which are (i) travel & expense management, (ii) procurement management, (iii) AP management and (iv) payments. spendings not related to the production of products or services sold by the company) under control. It’s a business spend management platform which helps businesses keep their indirect spending (i.e. Rowe Price before becoming a public company in 2016. The acquisition became a perfect excuse to spend even more time digging into the company.Ĭoupa is a US-based company started in 2006 which raised $165m in the private market from investors like Blue Run, Battery, Mohr Davidow Ventures or T. When the acquisition occurred, I was looking at Coupa’s model because I was looking at verticalized procurement solutions.
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