Venture capital firm Elephant has made a $55 million minority investment in the Series A funding round of New York-based software company Stavtar Solutions. The funding builds on the $5.26 million raised by the company during a private fundraising round in February 2024, according to a Form D filed with the US Securities and Exchange Commission (SEC) at the time.
Founded in 2017 by Steven Petersen and Avtar Batth, Stavtar specialises in business spend management and expense allocation Software-as-a-Service (SaaS) solutions, with a focus on alternative asset management firms. The company’s flagship product, StavPay, enables automated workflows across vendor, contract and invoice management, third-party payments, budgets, tax filings and custom reporting, among other capabilities.
Now counting over 100 clients, and claiming 1300% company growth since 2022, Stavtar says the minority investment from Elephant will “drive continued product innovation”. This includes plans to further develop StavPay with virtual card and vendor payment tools, and “deepen AI and mobile capabilities”. Latest developments include the vendor and benchmarking marketplace StavMarket, launched in July.
The company is also aiming to build out its engineering, implementation, customer success, and sales teams, and broaden its footprint “into verticals adjacent to alternative asset management and other similarly complex businesses”. New additions include Elephant partner Peter Fallon, who will join Stavtar’s board of directors as part of this latest investment.
Source: https://www.fintechfutures.com/
