The investment has come from tech-focused and US-based venture capital firm Elephant and will be used to accelerate Stavtar’s growth plans and to scale its operations.
,The company is targeting alternative asset managers such as hedge funds that have been relying on manual processes for their spend management.
,The news comes just a day after another spend management startup, UAE-based Alaan, pulled in $48m 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,” said Avtar Bathm co-founder of Stavtar.
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