Say hello to the latest cloud company to take an investment at a valuation of more than $1 billion. Coupa Software, a cloud startup that aims to help companies manage and control their spending, has closed an $80 million investment round.
Investment firm T. Rowe Price led the round along with Iconiq Capital, the investment firm that manages the personal fortunes of Facebook CEO Mark Zuckerberg and Twitter founder Jack Dorsey. PremjiInvest, the investment firm known for overseeing the personal wealth of Indian tech billionaire Azim Premji, also participated in the round.
The investment is Coupa’s seventh round, and brings its total capital raised to $169 million. Sources familiar with the deal’s terms tell Re/code that this funding values Coupa at more than $1 billion, making it the latest member of the Unicorn Club.
Existing investors Crosslink Capital, Battery Ventures, El Dorado Ventures and Rally Ventures also re-upped in the new round. Venture capital firms Meritech Capital Partners, Mohr Davidow Ventures and Blue Run Ventures are also investors. Frank Quattrone’s Qatalyst Partners served as Coupa’s placement agent on the deal.
Coupa bills itself as a “savings-as-a-service” company, borrowing from software-as-a-service, a phrase popularized by the cloud software company Salesforce.com and others. What it means is that Coupa has developed a cloud application that manages how companies spend their money and manage their cash flow. It handles standard business processes like procurement, invoicing, employee expenses, budgeting and managing inventory.
It also integrates with existing enterprise resource planning applications companies use to manage their overall finances, including those from Oracle, SAP and NetSuite. The company says its customers have used Coupa to spend more than $120 billion, and saved a combined $5 billion. Its customers include pharmaceutical giant Sanofi, the Container Store, Pandora and Salesforce.
This article originally appeared on Recode.net.