Coupa scoops up $22M to help companies cut costs

Coupa Software netted $22 million in new funding to boost its cloud-based e-procurement (or spend-management) services.

New investor Crosslink Capital led this E Series round, joining previous backers Battery Ventures, BlueRun Ventures, El Dorado Ventures and Mohr Davidow Ventures. The cash influx brings total venture funding to $41. 5 million to date for the six-year old company.

Coupa, based in San Mateo, Calif. competes with companies like Ariba(s arba) which started out in on-premises software but is adding more cloud services.

Business customers use these e-procurement services to track contracts, purchases and suppliers. In a statement, Coupa CEO Rob Bernshteyn said the company has closed 13 consecutive quarters of growth and has 200 customers in 40 countries.

In e-procurement — as in other vertical application areas — traditional software vendors like IBM(s ibm), SAP(s ibm) and Oracle(s orcl) are building (or buying) cloud-based services to compete with pure play cloud players like Couda. Other e-procurement competitors include JDABravoSolution, and Emptoris, which IBM bought in December.

Photo courtesy of Flickr user Images_of_Mone