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Total amount raised
$752M
Latest funding date
2023-02-28
Location
Coupa has successfully navigated nine funding rounds, with its latest funding raised from a Post-IPO Equity round. The company is backed by 14 investors, including notable names like ICONIQ Growth and Premji Invest.
Coupa's journey in the financial landscape is marked by its acquisition by Thoma Bravo, highlighting its significant impact in the business spend management sector. Keep reading to explore the intricacies of Coupa's fundraising journey and the investors backing this innovative platform.
Coupa Software has secured funding across multiple rounds backed by investors including BlueRun Ventures, Battery Ventures, T. Rowe Price, Meritech Capital Partners, General Atlantic, and ADIA, among others.
Keep reading to explore Coupa's full fundraising journey, from its early seed rounds to its landmark acquisition.
What Is Coupa?
Coupa Software is a San Mateo, California-based provider of cloud-based Business Spend Management (BSM) solutions. Founded in 2006, Coupa helps organizations gain visibility and control over all business spend — including procurement, invoicing, and expense management — through a unified, AI-driven platform. The company went public on the Nasdaq in October 2016 (ticker: COUP) and was subsequently taken private in February 2023 following a ~$8 billion acquisition by Thoma Bravo.
How Much Funding Has Coupa Raised?
- Series A
- Amount Raised: USD 1,500,000
- Date: March 2007
- Lead Investors: BlueRun Ventures
- Participants: Several private investors (undisclosed)
- Series B
- Amount Raised: USD 6,000,000
- Date: April 2008
- Lead Investors: Battery Ventures
- Participants: BlueRun Ventures
- Series C
- Amount Raised: USD 7,500,000
- Date: September 2009
- Lead Investors: El Dorado Ventures
- Participants: BlueRun Ventures, Battery Ventures
- Series D
- Amount Raised: USD 12,000,000
- Date: February 2011
- Lead Investors: Mohr Davidow Ventures
- Participants: El Dorado Ventures, Battery Ventures, BlueRun Ventures
- Series E
- Amount Raised: USD 22,000,000
- Date: May 2012
- Lead Investors: Crosslink Capital
- Participants: Battery Ventures, BlueRun Ventures, El Dorado Ventures, Mohr Davidow Ventures
- Series F
- Amount Raised: USD 40,000,000
- Date: March 2014
- Lead Investors: Meritech Capital Partners
- Participants: Icon Ventures, Northgate Ventures, Crosslink Capital, Mohr Davidow Ventures, Battery Ventures, El Dorado Ventures, BlueRun Ventures
- Series G
- Amount Raised: USD 80,000,000
- Date: June 2015
- Lead Investors: T. Rowe Price Associates, ICONIQ Capital
- Participants: Premji Invest, Crosslink Capital, Battery Ventures, El Dorado Ventures, Rally Ventures
- IPO
- Amount Raised: USD 133,200,000
- Date: October 2016
- Lead Investors: Public market (NASDAQ: COUP)
- Participants: Institutional and public investors
- Post-IPO Equity (General Atlantic)
- Amount Raised: USD 450,000,000
- Date: February 28, 2023
- Lead Investors: General Atlantic
- Participants: Abu Dhabi Investment Authority (ADIA) — as part of the Thoma Bravo-led ~$8 billion take-private acquisition of Coupa
Total Amount Raised: at least $752.2M based on disclosed funding across all rounds (Series A through Post-IPO Equity).
Key Investors
- BlueRun Ventures
- Details: BlueRun Ventures is an early-stage venture capital firm based in Menlo Park, CA. They led Coupa's Series A in March 2007 and participated in subsequent rounds through Series E.
- Battery Ventures
- Details: Battery Ventures is a technology-focused venture capital and private equity firm. They led Coupa's Series B (April 2008) and participated in rounds through Series G.
- El Dorado Ventures
- Details: El Dorado Ventures is a California-based early-stage venture capital firm. They led Coupa's Series C (September 2009) and participated in multiple subsequent rounds.
- Mohr Davidow Ventures
- Details: Mohr Davidow Ventures is a Silicon Valley-based venture capital firm. They led Coupa's Series D (February 2011) and participated through Series F.
- Crosslink Capital
- Details: Crosslink Capital is a San Francisco-based venture and growth equity firm. They led Coupa's Series E (May 2012) and participated in subsequent rounds.
- Meritech Capital Partners
- Details: Meritech Capital Partners is a growth-stage venture firm. They led Coupa's Series F (March 2014), bringing total capital raised at that point to $87.5 million.
- T. Rowe Price Associates
- Details: T. Rowe Price Associates is a large global asset management firm. They co-led Coupa's Series G (June 2015), which valued Coupa at over $1 billion.
- ICONIQ Capital
- Details: ICONIQ Capital is a multi-family office and investment firm that co-led Coupa's Series G alongside T. Rowe Price in June 2015.
- General Atlantic
- Details: General Atlantic is a global growth equity firm. They made a $450 million minority investment in Coupa as part of the February 2023 Thoma Bravo-led take-private acquisition — the first transaction from General Atlantic's Technology Buyouts group.
- Abu Dhabi Investment Authority (ADIA)
- Details: ADIA is the sovereign wealth fund of Abu Dhabi. A wholly owned ADIA subsidiary made a significant minority investment as part of the Thoma Bravo acquisition of Coupa Software in February 2023.
What's Next for Coupa?
With Thoma Bravo's backing, Coupa is expected to accelerate its product innovation and global growth in the Business Spend Management space. As a private company, Coupa can focus on long-term strategic initiatives without the pressures of public markets, potentially expanding its platform capabilities and pursuing further acquisitions to strengthen its position as a market leader.
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