Lhotse raised €5 million from Cavalry Ventures and Paua Ventures.

Lhotse, a Berlin, Germany-based developer of a purchase as a service software tool, raised €5 million ($5.9M).

The money was raised from Cavalry Ventures and Paua Ventures, joined by angel investors from Germany Patrick Andrä (Hometogo founder) and Felix Jahn (founder and CEO of the broker portal McMakler).

Proceeds will by used to hire additional staff and invest in product development.

Lhotse, founded in 2020 by Can Akin, Jan Berssenbruegge and Henning Hatje, developed software for strategic purchasing that uses internally developed algorithms and business intelligence to identify potential savings. By comparing requirements with current market price developments and supplier data, companies can negotiate more confidently with suppliers and make decisions more easily. Customers include medium-sized companies such as the Funke media group or the Berlin Unicorn Gorillas.