Stavtar Raises $55M Series A to Scale Spend Management SaaS

Stavtar Solutions, a New York-based SaaS platform specializing in business spend management and expense allocation for alternative asset managers, has raised $55 million in a Series A funding round led by Boston-based venture capital firm Elephant. The funding will support Stavtar's global expansion, product innovation—including enhancements to its StavPay platform such as virtual card issuance and vendor payments—and growth of engineering, sales, and customer success teams. Founded by former CFO Steven Petersen and CTO Avtar Batth, Stavtar addresses inefficiencies caused by manual processes and spreadsheets, providing automated workflows for vendor management, contract handling, invoice processing, budgeting, tax filings, and payments. The company has experienced rapid growth, with revenues increasing over 1300% in the past three years, serving more than 100 alternative asset managers who oversee over $2.4 trillion in assets. Stavtar plans to deepen its artificial intelligence and mobile capabilities to offer finance teams greater control and visibility, while expanding beyond alternative asset managers to other complex enterprises facing similar financial challenges. This investment enables Stavtar to accelerate the development of a scalable, intelligent system tailored to the operational realities of sophisticated financial organizations.