Coupa, an e-procurement software company, raises money

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Coupa Software, a Foster City, Calif. e-procurement software company, said it has raised an undisclosed first round of funding from BlueRun Ventures, as well as several private investors.

The company said Jonathan Ebinger, partner at BlueRun Ventures, and Vineet Buch, a BlueRun Ventures principal, joined the Coupa board of directors.

From the statement:

Coupa was founded in 2006 by Oracle veterans Dave Stephens and Noah Eisner to tackle the problem at the root of most e-procurement failures: employee noncompliance. Coupa combines best-in-class functionality for controlling departmental and employee purchasing with simplicity • providing a solution so easy to use that employees actually prefer using Coupa for their business purchasing needs.

“E-procurement has hit the wall, and traditional solutions cannot be improved to re-energize it. Coupa’s mission is to radically simplify e-procurement, make it affordable, and bring its unfulfilled promise of increased savings and efficiency to companies of all sizes.” said Dave Stephens, CEO and co-founder. “Now, with Jonathan and Vineet on our team, we have additional operational expertise to build a strong and growing company.”