No one said building open source enterprise applications was easy -- or cheap. So it's no surprise that Coupa, which up until now was almost entirely bootstrapped by its founders, has raised a Series A funding round. For those who don't know Coupa, you can check out a short background piece that I on wrote on them right around the time of their launch. This first post-seed funding round was led by BlueRun Ventures, an early stage investment fund, whose past investments include PayPal and Covigo.
I look forward to digging into Coupa more on Spend Matters in the coming months. It will certainly be curious to watch if an Open Source approach to procurement will catch hold -- or at least capture enough of the small and middle market to damage the prospects of the more traditional players as they attempt to move downstream. Whether they become a nuisance or curiosity for the likes of Ariba, Ketera, Oracle and SAP in their middle market ambitions remains to be seen.