Procurement software pro Coupa Software has raked in $22 million in Series E funding led by Crosslink Capital. Battery Ventures, BlueRun Ventures, El Dorado Ventures and Mohr Davidow Ventures also participated. Ever since snagging its first Series A round back in 2007, Coupa has been steadily financed with venture capital, raising nearly $50 million to date.
Since the beginning of 2008, VC investors have completed 92 financings of companies in the Financial Software industry, according to the PitchBook Platform. Coupa's $22 million financing ranks right up there among the biggest rounds in the industry in the last few years, topped only by mobile payment pro Boku and solar industry-focused Clean Power Finance. But, these big financings aren't exactly the norm for Financial Software investments. The median deal size is actually a lot lower than Coupa's round, at $5 million—and has been on the downward slope since 2008, which posted a median deal size of $6.7 million. Despite this decrease, investment activity has been robust every year but 2010, when only 12 financings were completed, compared to 22 in 2009 and another 22 in 2011. So far in 2012, 16 financings in Financial Software companies have now closed, including Coupa and Jumio.