Stavtar Solutions, a leading provider of business spend management and expense allocation SaaS for complex enterprises such as alternative asset managers, has announced a $55 million Series A minority investment from growth equity firm Elephant. The funding will fuel Stavtar’s next phase of expansion, enhancing its industry-defining platform that streamlines business spend, expense allocations, vendor management, contracts, budgets and payments.
The investment will drive continued product innovation, expand integrated payment capabilities in its flagship product StavPay, and support rapid hiring to meet rising customer demand.
Founded by Steven Petersen and Avtar Batth, former CFO and CTO respectively, Stavtar was created to address a challenge they faced firsthand—manual processes and outdated spreadsheets slowing down financial operations in alternative asset management. Drawing from years of experience tackling operational bottlenecks and fragmented systems, they built a modern, customizable, data-driven platform designed specifically for finance and operations teams at hedge funds, private equity firms, family offices, and other complex businesses.
Over the past three years, Stavtar has grown more than 1,300%, becoming the platform of choice for over 100 alternative asset managers overseeing $2.4 trillion in assets under management (AUM). StavPay automates workflows across vendor, contract, and invoice management, expense allocations, third-party payments, budgets, tax filings, and custom reporting-transforming processes into simple approve-or-reject actions while delivering real-time business insights.
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“We built Stavtar to fix what we could not ignore – outdated, manual, disconnected financial workflows holding back high-performing teams,” said Steven Petersen, Co-Founder of Stavtar. “Our partnership with Elephant empowers us to focus on what matters most – delivering innovative, enterprise-grade solutions to our clients. We are excited to grow faster, go further, and continue pushing the boundaries of what is possible in software for complex businesses.”
“We engineered Stavtar to address the real pain points faced by complex businesses,” said Avtar Batth, Co-Founder of Stavtar. “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.”
As part of the investment, Peter Fallon, Partner at Elephant, will join Stavtar’s Board of Directors. “Steve and Avtar have built a category-defining platform that solves the complex, high-value challenges confronting some of the most discerning firms in finance,” said Fallon. “We are thrilled to support Stavtar’s vision and help scale its impact through continued market growth.”
