What is DAVO Technologies?
DAVO Technologies provides an automated sales tax service designed to simplify compliance for retailers. Leveraging data directly from point-of-sale (POS) systems, the company ensures that the exact amount of sales tax collected daily is set aside. This automated process extends to the timely filing and payment of these taxes. Established in 2015 and headquartered in Westbrook, Maine, DAVO's service integrates seamlessly with numerous popular POS platforms, requiring only a few minutes for setup. This innovative approach positions DAVO as a key player in the fintech and SaaS sectors, offering a crucial solution for businesses navigating complex tax regulations.
How much funding has DAVO Technologies raised?
DAVO Technologies has raised a total of $2.3M across 4 funding rounds:
Angel/Seed
$1.9M
Private Equity
$100K
Debt
$156K
Debt
$150K
Angel/Seed (2013): $1.9M, investors not publicly disclosed
Private Equity (2014): $100K led by SixThirty
Debt (2014): $156K supported by The Maine Technology Institute Development
Debt (2020): $150K featuring PPP
Key Investors in DAVO Technologies
SixThirty
SixThirty Ventures is a venture capital firm specializing in early-stage companies within fintech, insurtech, privacy, and digital health. They facilitate growth by connecting startups with corporate institutions, offering strategic counsel and support from a network of advisors to drive revenue and value creation.
The Maine Technology Institute Development
The Maine Technology Institute (MTI) supports innovation in Maine's economy through grants, loans, and equity investments. They empower local entrepreneurs and businesses to develop groundbreaking ideas, having invested significantly across numerous projects statewide since 1999.
What's next for DAVO Technologies?
The substantial enterprise-level funding and recent strategic investment indicate DAVO Technologies is poised for accelerated scaling and market expansion. This capital infusion is likely to fuel further development of its automated sales tax platform, enhance integrations with a broader range of POS systems, and potentially expand its service offerings. The company's focus on automating a critical but often burdensome financial process suggests a strategic direction aimed at capturing a larger share of the retail technology market. Future growth may involve deepening partnerships with POS providers and exploring new verticals that require robust sales tax management solutions.
See full DAVO Technologies company page
