Automated sales tax tools company DAVO Technologies landed a fresh round of funding this week. The amount was undisclosed, but adds to the company’s previously-raised $5 million in venture and seed rounds.
The strategic investment, which DAVO anticipates will fuel expansion, was led by Anania & Associates Investment Company (AAI). As part of this expansion, DAVO has added to its Board of Directors and boosted its operations team. Since this growth mandated the need for a larger location, the company relocated to a 5,500 square foot office space as its Maine-based headquarters.
In addition to the funding, DAVO will also benefit from AAI’s human resources and financial back office services. “The investment comes with much needed infrastructure support provided by Anania & Associates,” said Owen Brown, CEO of DAVO. “The depth of experience they bring adds enormous value. In addition the investment allows us to build upon our commitment to excellence and to expand our platform’s feature and functionality set.”
Founded in 2011, DAVO demoed its flagship product at FinovateFall 2015. During the demo, the company’s CEO Owen Brown showed how DAVO Sales Tax automatically and passively collects, files, and pays sales tax on a merchant’s behalf. Since then, DAVO launched Sweep & Save, a cash management tool that automatically sets funds aside daily and returns them for businesses to meet monthly needs such as bills and equipment leases. Additionally, the company’s new Savings Club automatically sets funds aside and returns them in December to help businesses meet end-of-the-year needs such as holiday expenses and bonuses.
Over the past year, DAVO has experienced an average of 20% month-over-month customer acquisition growth via Clover, Square, Revel, Poynt and QuickBooks Online. The company plans to launch a new website, along with new product releases, in the fourth quarter of this year.
