US-based spending management software provider Coupa Software has launched a $50m corporate venturing fund dubbed Coupa Ventures.
Coupa Ventures will focus on early and growth-stage companies developing products or services designed to help businesses make more efficient spending decisions.
The fund is mainly targeting startups at series A stage and beyond but also has the capacity to invest in seed rounds. It will typically provide between $500,000 and $2.5m per deal and is headed by managing director JJ Freitag, also Coupa’s senior vice-president of corporate development.
Coupa has so far invested in two companies through the vehicle, including software management platform developer Zylo which had raised a total of $35m as of a series B round featuring enterprise software producers Slack and Salesforce in September 2019.
The other recipient is supply chain software producer SourceDay, which had received $3.5m from Draper Associates, Silverton Partners and ATX Seed Ventures in 2017 before the same investors added $6.5m in a 2018 series A round that took its overall funding to $10.8m. They returned for a $12.5m round in April 2020 led by Baird Capital.