Lhotse
The plug and play cloud application for modern procurement.
| Date | Investors | Amount | Round |
|---|---|---|---|
$5.0m | Early VC | ||
| Total Funding | 000k | ||
| EUR | 2021 | 2022 |
|---|---|---|
| Revenues | 0000 | 0000 |
| EBITDA | 0000 | 0000 |
| Profit | 0000 | 0000 |
| EV | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 |
Source: Company filings or news article
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Based in Berlin, Lhotse operates as a business-to-business software-as-a-service (SaaS) provider, focusing on the tactical procurement sector. The company was established in 2020 by Can Akin, Jan Berssenbruegge, and Henning Hatje. By September 2021, the company successfully raised €5 million in a seed funding round led by Cavalry Ventures, with participation from Paua Ventures and several angel investors. This capital injection was aimed at advancing product development and expanding the team.
Lhotse's core offering is a cloud-based software platform designed to automate and simplify the entire procurement process for medium to large companies. It specifically targets non-strategic, or "tactical," spending, which can represent a significant portion of a company's total expenditure. The platform addresses inefficiencies in traditional procurement workflows, such as those involving complex ERP systems like SAP, by providing an intuitive, user-friendly interface. This approach is particularly beneficial for companies that find established enterprise procurement systems overly complex or expensive. Lhotse generates revenue through a subscription-based model, with pricing tailored to the user's specific needs.
The software guides employees through the purchasing journey, from defining the request to identifying suppliers, coordinating communication, and selecting offers. By leveraging data and process automation, the platform provides a centralized overview of all procurement activities. Key features include tools for enhanced supplier collaboration, real-time data analytics for identifying cost-saving opportunities, and improved compliance with procurement policies. The system can be configured without requiring IT resources and integrates with existing ERP systems, processing purchasing activities as either purchase requisitions or purchase orders. Lhotse also offers a browser extension for seamless integration and a chatbot within Microsoft Teams to guide users through the purchasing process.
Keywords: procurement automation, SaaS, tactical spending, supplier management, B2B software, strategic purchasing, cost optimization, procurement analytics, ERP integration, purchase-to-pay