SAP Ventures, the corporate venturing unit of Germany-based software company SAP, has led the $8m series C round for Lavante, a US-based technology company to help businesses manage their suppliers, as a new investor.
Andreas Weiskam, a partner at SAP Ventures (pictured), joined Lavante’s board.
Venture capital firms ATA Ventures and Venrock reinvested in the C round.
Lavante, formerly known as AuditSolutions, said it was growing by more than 100% each year and had record customer acquisition in the third quarter.
Weiskam said: "Lavante is the leader in technology for recovery auditing. Its recovery solution automates the traditionally manual process of vendor statement audits."
Joe Flynn, founder and chief executive of Lavante, which means upward in Italian, said: "We are very excited to have SAP Ventures join our group of financial investors. We see this as a strong endorsement of our strategy and value to the market, and we look forward to leveraging SAP’s tremendous expertise to further expand our business."
Lavente raised $5m in its series B round in April 2009.