Stavtar Solutions, a US-based startup offering a SaaS platform for expense allocations and spend management, has successfully raised $55 million in a Series A funding round.
The investment, led by tech-focused US venture capital firm Elephant, will support Stavtar’s growth plans and the scaling of its operations. The company is specifically targeting alternative asset managers, such as hedge funds, that have traditionally relied on manual processes for managing their expenditures.
This announcement follows closely on the heels of another spend management startup, UAE-based Alaan, which recently secured $48 million in Series A funding.
“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,” stated Avtar Bathm, co-founder of Stavtar.