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San Mateo, California-based Coupa Software raised $40 million for its Series F financing round, a statement about the funding said.

The round was led by Meritech Capital and participated in by Icon Ventures and Northgate Ventures. Current backers Crosslink Capital, Mohr Davidow Ventures, Battery Ventures, El Dorado Ventures and Blue Run Ventures also gave their support to the provider of cloud-based finance solutions. As part of the deal, Meritech Capital Partners Managing Director George Bischof will become an observer in the Board of Directors at Coupa Software, the statement said.

Proceeds from the most recent round will go towards product development and expansion. Coupa Chief Executive Officer Rob Bernshteyn said in the statement, "We have experienced 100 percent growth for each of the last five years because of our maniacal focus on delivering measurable success for our customers. The new investment will be used to further extend Coupa's suite of organically developed cloud spend optimization solutions and continue the company's expansion across the globe."

Last year, Coupa was able to exceed its year-over-year revenue growth by 100%. There was also a 30% increase in the number of firms Coupa partnered with and now, there are already 140 companies using its partner network. The number of suppliers now number more than 800,000, representing an increase of more than 50%. Moreover, Coupa also rolled out Coupa 9 and 10 last year and launched five industry solutions specific to the financial services, food and beverage, healthcare, high technology and retail markets, the statement said.

In the fourth quarter of last year, the company was able to bring its services to Latin America to meet the demand there. The Colombian Government- Colombia Compra Eficiente (Buy Efficient Colombia) became the biggest customer of the software firm. Other customers added for the fourth quarter were the Associated Banc-Corp, Marketo, ARC Document Solutions, Qualys and Barney & Barney, among others, the statement said.

Meritech Capital Partners Managing Director George Bischof said in the statement, "The need for cloud-based financial applications like Coupa has never been greater as companies worldwide seek ways to more easily reduce costs and improve profitability."