Coupa raises $40 million

March 20, 2014, 4:23 PM UTC

FORTUNE — Coupa, which makes cloud-based software to help companies track spending on expenses, announced this morning that it raised another $40 million, bringing its total financing to $87 million.

Meritech Capital Partners led the round. Other investors included Icon Ventures, Northgate Ventures and all of its existing investors: BlueRun Ventures, Battery Ventures, El Dorado Ventures, Mohr Davidow Ventures, and Crosslink Capital. Dow Jones Venture Wire first reported the news.

Coupa’s spend management software automates the data-crunching necessary to compare suppliers. Its procurement software, which is also available for mobile devices, is used by companies like automaker Toyota and the Japanese tech company NEC. A recent new customer: the Colombian government.

Coupa says it doubled revenue between 2012 and 2013. The Series F round will be used to accelerate product development and expand the company globally, chief executive Rob Bernshteyn said.