Investment Firm Elephant Pumps $55 Million into Stavtar Solutions for Rapid Expansion and Enhanced Business Operations
Stavtar Solutions, a leading business spend management and expense allocation SaaS provider, has announced a significant investment of $55 million in a Series A round led by Elephant. This funding will accelerate product innovation, expand integrated payment capabilities, and support Stavtar's growth into new verticals.
Peter Fallon, Partner at Elephant, described Stavtar as a category-defining platform that solves complex, high-value challenges for discerning finance firms. He will join Stavtar's board of directors to help the company scale its market impact as it expands both its product suite and customer footprint.
The investment will primarily be directed towards accelerating innovation and product development, particularly for Stavtar's flagship business spend management platform, StavPay. This platform automates workflows such as vendor management, contracts, payments, budgeting, and tax filings for over 100 alternative asset managers overseeing $2.4 trillion in assets.
With the new capital, Stavtar aims to enhance StavPay’s scalability and intelligence tailored to the financial operational needs of sophisticated enterprises. The funds will also be used to build integrated virtual card and vendor payment features, deepen AI and mobile technology capabilities, and expand the workforce across engineering, sales, customer success, and implementation.
Stavtar's growth has been remarkable, with a growth rate of over 1300% in the past three years. The company has offices in New York, Dallas, London, Mumbai, and Bengaluru. Co-founded by Steven Petersen and Avtar Batth, Stavtar was born out of the founders' own experiences with manual processes and spreadsheets in alternative asset management.
Steven Petersen, Co-Founder of Stavtar, stated that the partnership with Elephant allows them to focus on delivering innovative, enterprise-grade solutions to their clients. He expressed his enthusiasm about the potential this investment holds for Stavtar's future.
Peter Fallon, in his statement, expressed Elephant's thrill at supporting Stavtar's vision and helping to scale its impact through continued market growth. He highlighted that Elephant is thrilled to be a part of Stavtar's journey and looks forward to seeing the company's growth and success.
The investment is a minority one, intended to fund the expansion of Stavtar's platform. The StavPay platform powers automated workflows for vendor, contract and invoice management, expense allocations, third party payments, budgets, tax filings, custom reporting, and more. This investment is expected to further revolutionize how complex businesses manage their business spend, expense allocations, vendors, contracts, budgets, payments, and more.
In conclusion, this investment marks a significant milestone for Stavtar as it continues to innovate and expand its offerings. With the support of Elephant, Stavtar is poised to make a significant impact in the business spend management sector, particularly in complex business verticals adjacent to alternative asset management.
The significant investment in Stavtar, a business spend management and expense allocation SaaS provider, will primarily be directed towards technology advancements, especially in developing the flagship platform StavPay. This will involve enhancing scalability, integrating virtual card and vendor payment features, deepening AI and mobile technology capabilities, and expanding the workforce.
Peter Fallon, Partner at Elephant, expressed his company's excitement about supporting Stavtar's vision and scaling its impact in the business, finance, and technology sectors. This investment is expected to revolutionize how complex businesses manage their financial operations.
