Berlin-based SaaS platform that automates and simplifies procurement, Lhotse has raised €5 million in seed funding. This new funding is expected to drive further product development as well as expand the team.
Founded in 2020, Lhotse, (El Hotsee? Lotsea? Lost at sea?) sees itself as the next evolution of back and front office automation. With tactical procurement eating up as much as 20% of total expenditure, not to mention the associated time spend doing so, El Hotsee wants to bring a whole lotta time and cost savings to medium to large companies via their blend of automation.
Putting automation and AI to work, Lotus-ee wrangles all the relevant information into one central procurement position. Alongside facilitating frictionless comms between buyers and sellers, Lowtea provides end-users with a complete and total review of previous suppliers and orders, have alternative suppliers suggested, and/or automatically receive offers from competing suppliers.
Co-founder Henning Hatje comments, “Our customers use Lhotse to optimise the purchasing process for a diverse range of products and services. The range of optimisation extends from the procurement of safety gloves and office furniture to complex IT services, such as services for the maintenance of cloud-based systems.”
L hot sauce’s seed funding round was led by Cavalry Ventures with pre-seed-lead Paua Ventures following on. A diverse group of angel investors including Patrick Andrae, Felix Jahn, Philipp Klöckner, Dr. Christopher Oster, Katharina Gehra, and unnamed 'others' also participated in the round.