Benzinga | Jun 3, 2021 11:16AM EDT

Coupa Introduces $50M Ventures Fund to Assist Startups

* Coupa Software Inc (NASDAQ:COUP) launched a $50 million fund under Coupa Ventures to drive Business Spend Management innovation.

* Coupa Ventures will invest in early- and growth-stage companies under the arrangement.

* Zylo and SourceDay are the fund's first two portfolio companies.

* SaaS management platform Zylo helps companies manage and optimize cloud-based applications.

* Supply chain performance solution SourceDay bridges the gap between a company's enterprise resource planning (ERP) and its supply chain network.

* Coupa held $323.3 million in cash and equivalents as of Jan. 31, 2021.

* Price action: COUP shares traded lower by 3.02% at $227.13 on the last check Thursday.