DAVO gets tooled up with new funding
Automated sales tax tools company DAVO Technologies has landed a fresh round of funding. The amount was undisclosed, but adds to the company’s previously-raised $5 million in venture and seed rounds, reports Julie Muhn at Finovate.
The 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 the US.
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,” says Owen Brown, CEO of DAVO.
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.