Cloud Firms Coupa and CopperEgg Receive Venture Funding
Located in San Mateo, Calif., Coupa Software announced a round of $22 million in Series E financing led by new investor Crosslink Capital, with participation from existing investors Battery Ventures, BlueRun Ventures, El Dorado Ventures, and Mohr Davidow Ventures. Coupa added several enhancements to its cloud-based software earlier this year, aiming to assist customers with procurement and expense management. With this funding round, Crosslink Capital general partner Jim Feuille will join Coupa’s board of directors.
“We’ve now had 13 consecutive quarters of new sales growth thanks to our engaged and growing customer base of leaders in their respective fields. This latest round will help fuel the company’s worldwide expansion well beyond 2015,” said Rob Bernshteyn, Coupa CEO, in a prepared statement. “We couldn’t be more passionate about our mission of helping companies optimize spend.”
Headquartered in Austin, Texas, CopperEgg announced an additional $2.1 million to cap their Series A round led by Silverton Partners; they were joined by a group of new investors including Webb Investment Network, headed by former eBay COO Maynard Webb, and Asana executive Kenny Van Zant. CopperEgg’s total funding now stands at $4.1 million.
CopperEgg also announced that veteran tech executive Bob Quillin will take the helm as CEO. Quillin has held positions at startups and public companies, including Hyper9 (acquired by SolarWinds in 2011), EMC Ionix (acquired by VMware in 2010), and nLayers (acquired by EMC in 2005).
“Cloud computing has grown dramatically over the last few years to address a broader base of customers who have ever increasing demands for speed, simplicity, quality of service and value,” said Quillin in the press release. “CopperEgg is at the forefront of a second generation of companies who are enabling this mass adoption, through SaaS-based solutions that are smarter, faster, lighter weight, and more accessible than the previous generation of cloud monitoring tools. I’m excited to join CopperEgg to help our customers accelerate their cloud adoption and optimize their infrastructure. This round of investment will expand our product development efforts and go-to-market programs.”