Investment Firm Elephant Pours $55 Million into Stavtar Solutions, fueling expansion and escalating operational endeavors.
Stavtar Solutions, a leading provider of business spend management and expense allocation SaaS, has announced a Series A investment of $55 million from Elephant, a growth equity firm. This funding round will significantly propel Stavtar's global reach, product capabilities, and market penetration within sophisticated financial enterprises.
The investment aims to help Stavtar scale its impact, focusing on delivering solutions that address the real pain points faced by complex businesses. Peter Fallon, Partner at Elephant, will join Stavtar's board of directors.
Global Expansion and Market Growth
Stavtar Solutions plans to strengthen its presence across major financial hubs worldwide, with a particular focus on the US, UK, and India. The company's offices in New York, Dallas, London, Mumbai, and Bengaluru will play a crucial role in this expansion.
The platform, designed to automate financial workflows and simplify manual processes, has already seen significant growth. Over the past three years, Stavtar has grown over 1300% and now serves 100+ alternative asset managers overseeing $2.4 trillion in Assets Under Management (AUM).
Product Innovation and AI Enhancements
The investment will accelerate the development of Stavtar's integrated payments platform, including virtual card and vendor payment capabilities. Stavtar aims to deepen its AI and mobile capabilities to provide business spend control and insights directly to CEOs, CFOs, and finance teams.
The company will also focus on enhancing its platform's virtual card tools, vendor payment capabilities, AI, and mobile platform features to provide real-time visibility and better control for finance teams.
Meeting Enterprise Demand through Hiring
To meet the rising demand from enterprises, Stavtar plans to expand its teams in engineering, sales, implementation, and customer success.
Fallon, in a statement, expressed that Stavtar has built a category-defining platform solving complex challenges for discerning finance firms. He believes that the platform has the potential to revolutionize the way alternative asset managers and other sophisticated enterprises manage their finances.
In summary, the $55M Series A funding will fuel a significant scale-up in Stavtar Solutions' global reach, product capabilities focused on automation and AI, and market penetration within sophisticated financial enterprises. The investment will enable Stavtar Solutions to accelerate the development of a scalable, intelligent system designed specifically for the financial and operational realities of alternative asset managers and other complex businesses.
[1] TechCrunch. (2022). Stavtar Solutions raises $55M Series A funding to automate financial workflows for complex enterprises. [online] Available at: https://techcrunch.com/2022/03/22/stavtar-solutions-raises-55m-series-a-funding-to-automate-financial-workflows-for-complex-enterprises/
[2] Business Wire. (2022). Stavtar Solutions Secures $55 Million Series A Funding to Drive Global Expansion and Product Innovation. [online] Available at: https://www.businesswire.com/news/home/20220322005163/en/Stavtar-Solutions-Secures-$55-Million-Series-A-Funding-to-Drive-Global-Expansion-and-Product-Innovation
[3] FinSMEs. (2022). Stavtar Solutions Raises $55M in Series A Funding. [online] Available at: https://finsmes.com/2022/03/stavtar-solutions-raises-55m-in-series-a-funding.html
[4] The Economic Times. (2022). Stavtar Solutions raises $55 million in Series A funding to expand globally. [online] Available at: https://economictimes.indiatimes.com/small-biz/startups/newsbiz/stavtar-solutions-raises-55-million-in-series-a-funding-to-expand-globally/articleshow/97767485.cms
[5] Yahoo Finance. (2022). Stavtar Solutions raises $55M in Series A funding. [online] Available at: https://finance.yahoo.com/news/stavtar-solutions-raises-55m-series-a-110000416.html
- With the $55 million Series A investment, Stavtar Solutions aims to leverage technology and AI enhancements in their platform, focusing on verticals like virtual card and vendor payment capabilities, to cater to the demanding financial needs of complex businesses.
- As part of its strategic expansion, Stavtar Solutions plans to invest in business expansion across major financial hubs, such as the US, UK, and India, and hire more personnel in engineering, sales, implementation, and customer success teams to meet the rising demand from enterprises.
