THE NEWS WRAP: Coupa Software raises $US80 million, landing a $1 billion valuation

Spending management company Coupa Software has raised $US80 million, making the cloud startup the latest fast-growing businesses to land a valuation of more than $1 billion.

The found was led by T Rowe Price along with Iconiq Capital, the firm managing Facebook founder Mark Zuckerberg and Twitter founder Jack Dorsey’s personal investments, according to Re/code.

The latest capital injection is the startup’s seventh investment round, bringing the total capital raised to date to $US169m.

Microsoft buys German startup for more than $100 million

Microsoft will purchase the German startup behind the Wunderlist to-do list app for more than $100 million, according to The Wall Street Journal.

The acquisition is part of a bid to improve Microsoft’s mobile, email and calendar applications.

The Berlin-based 6Wunderkinder GmbH is backed by US venture capital firm Sequoia Capital and other VCs.

Apple to launch music streaming service

Apple is launching its own music streaming service to compete with Spotify, according to The Wall Street Journal.

The new Apple service will reportedly cost $10 a month; however, unlike Spotify, the company will not allow users to stream its entire catalogue.

The move represents a significant shift away from the downloading model that helped Apple revolutionise music a decade ago.

Overnight

The Dow Jones Industrial Average is up 29.69 points, rising 0.16% yesterday to 18,040.37. The Aussie dollar is currently trading at around 76.08 US cents.

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