We're starting to sound like a broken record, but once again a tech startup has proved that if you can save customers money, you've got a good shot at raising a round. San Francisco software developer Aravo Solutions Inc. on Tuesday
announced a $7 million in Series D funding.
The maker of on-demand supplier information management software and services received the money from round leader Charles Schwab/Big Sky Partners, with participation from angel investors such as Goldman, Sachs & Co.'s former chairman, Stephen Friedman, Tony Mayer (the former CEO of J.P. Morgan Capital), and other executives from Goldman Sachs and Morgan Stanley.
It will use the funds to expand sales, engineering, and delivery capacity, and to open new offices in the U.S. and India. The company said it plans to hold a second close on the Series D round in January to accommodate continued investor interest. Founded in 2000, Aravo's software helps enterprises reduce the costs associated with supplier information-related business processes. The company said it has raised $30 million in total funding.
Several other startups that offer software as a service have announced rounds recently, including
Zuberance Inc. and
RollStream Inc. --
Olaf de Senerpont DomisSee Dec. 16 press release from AravoSee Nov. 18 post on RollStream's round from Tech ConfidentialSee Nov. 24 post on Zuberance's round from Tech Confidential
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