What is DAVO Technologies?
Founded in 2015 and headquartered in Westbrook, Maine, DAVO Technologies offers an automated sales tax service designed to simplify tax collection and remittance for retailers. By integrating with popular point-of-sale (POS) systems, DAVO uses sales data to accurately set aside collected sales tax daily. The service then handles the filing and payment of these taxes when they become due, aiming to eliminate compliance burdens for businesses. The company's automated solution is noted for its quick setup, typically taking only a few minutes to implement across various POS platforms.
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
The Maine Technology Institute Development
The Maine Technology Institute (MTI) is a state-backed organization that provides crucial financial and advisory support to foster innovation and economic growth within Maine. They offer a range of funding mechanisms, including grants and investments, to help businesses and entrepreneurs develop and scale their technological advancements.
SixThirty
SixThirty is a venture capital firm that specializes in early-stage investments, particularly within the fintech and insurtech sectors. They focus on connecting startups with corporate partners to accelerate growth and market penetration.
What's next for DAVO Technologies?
The substantial enterprise-level funding and strategic investment DAVO Technologies has received indicate a strong market validation and a clear path for scaling its operations. This capital injection is likely to fuel further development of its automated sales tax platform, enhance its integration capabilities with a wider array of POS systems, and expand its market reach. The company's focus on automating a critical but often cumbersome financial process positions it for continued growth as businesses increasingly seek efficient compliance solutions. Future strategies may involve deepening its service offerings and solidifying its position as a leader in sales tax automation.
See full DAVO Technologies company page
