Coupa Software announced the launch of Coupa Ventures, a $50m fund to foster innovation in Business Spend Management.
Coupa Ventures will invest in early- and growth-stage companies breaking down inefficiencies in how businesses manage their spend, aligning processes and decisions across supply chain, procurement, and finance. As part of its debut, Coupa unveiled the fund’s first two portfolio companies: Zylo and SourceDay.
“This is an exciting milestone for Coupa. In partnership with our customers and partners, we blazed a new trail in Business Spend Management, creating a comprehensive platform that maximizes value through smarter spending decisions,” said Rob Bernshteyn, chairman and CEO at Coupa. “Coupa Ventures enables us to further this vision by investing in a future where businesses and their suppliers can harness the power of their spend to constantly adapt, transform, and innovate.”
“We’re entering a new era of digital maturity within business, one that is marked by organizational agility, distributed and more autonomous users, and built-in intelligence,” said Todd Ford, CFO at Coupa. “There is a massive opportunity right now to extend digital transformation efforts to the back office, as more companies recognize the power that spend has to transform their businesses and fuel their growth. That’s the inspiration behind Coupa Ventures.”
“The level of innovation among the European procurement and start-up communities is truly impressive. Time and again we see incredible ingenuity in managing the complexities of international borders, new regulations, tax, cross boarder payments, and compliance,” said J.J. Freitag, senior vice president of Corporate Development at Coupa and managing director of Coupa Ventures. “There is a massive opportunity right now to extend digital transformation efforts to the back-office, as organisations place bets on which investments will quickly pay off to accelerate their growth and resilience in the post-pandemic economy. We’re looking to back the best ideas and companies across Europe and beyond to help businesses build back even stronger.”