Coupa Inspire Dispatch: The First Procurement Unicorn

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This morning Rob Bernshteyn, Coupa’s CEO, took center stage to kick off Inspire 2015. Earlier in the week, Coupa announced a recent funding round, valuing the procurement suite provider at over $1 billion, making it the latest “unicorn” in venture-speak (unicorns are tech companies valued in excess of $1B prior to an IPO). Coupa also passed the milestone of hiring its 400th employee, Rob said at the start of his talk.

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Here are some other Coupa numbers that may be of interest to those who follow Coupa based on Rob’s talk and the latest announcements:

  • Total spend managed on the platform increased 100% year-over-year (based on Q1 numbers)
  • The sales/commercial team increased in size by 25% in Q1 (quarter-over-quarter)
  • The fastest growing region for Coupa outside the US remains Europe (led by Frictionless Commerce co-founder Alex Kleiner)

Aside from the numbers, Rob did not mention the funding round during the start of his opening keynote. Rather, he jumped right into the state and role of procurement today (he also shared a hilarious shower anecdote comparing the complexity of fancy “suite” showers at the Hilton to complex feature/function capability in the procurement technology market – tools that never get used or are under used). In Rob’s words, “The legacy providers in procurement were not very good at usability.”

Starting things off after the shower story, Rob noted that “50% of spend is under management at best-in-class companies today,” and then asked the question: “What is happening to the other 50%?”

At Coupa Inspire 2015, we’ll attempt to share Coupa’s answers to this question and the tips, tactics and technology for getting there, along with lessons from the 1,000+ folks who are here with the Spend Matters team.

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