Stavtar Solutions, a provider of business spend management software for complex businesses like alternative asset managers, has raised a $55 million Series A investment from Elephant.
The company was co-founded by former CFO Steven Petersen and CTO Avtar Batth to address the reliance on manual processes and spreadsheets for managing business spend. Their flagship product, StavPay, automates workflows for vendors, contracts, and payments, helping finance teams at over 100 alternative asset managers that oversee a combined $2.4 trillion in AUM.
Stavtar has experienced rapid growth, expanding by over 1,300% in the last three years. The new funding will also enable the company to expand into new verticals and further develop its AI and mobile capabilities.
How the funding will be used: The funding will be utilized to accelerate product innovation, expand integrated payment capabilities, and develop the team to meet increasing demand.
KEY QUOTES:
“We built Stavtar to fix what we could not ignore – outdated, manual, disconnected financial workflows holding back high-performing teams. Our partnership with Elephant empowers us to focus on what matters most – delivering innovative, enterprise-grade solutions to our clients. We are excited to grow faster, go further, and continue pushing the boundaries of what is possible in software for complex businesses.”
Steven Petersen, Co-Founder of Stavtar
“We engineered Stavtar to address the real pain points faced by complex businesses. This investment enables us to accelerate the development of a scalable, intelligent system designed specifically for the financial and operational realities of alternative asset managers and other sophisticated enterprises.”
Avtar Batth, Co-Founder of Stavtar
“Steve and Avtar have built a category-defining platform that solves the complex, high-value challenges confronting some of the most discerning firms in finance,” said Fallon. “We are thrilled to support Stavtar’s vision and help scale its impact through continued market growth.”
Peter Fallon, Partner at Elephant, who will join Stavtar’s board of directors
