A Portland-based technology company has raised funds from a St. Louis-based business incubator and the Maine Technology Institute for development of its sales tax software for merchants.
DAVO Technologies told Mainebiz on Thursday it has received a $156,165 development loan from MTI and a $100,000 equity investment from St. Louis-based SixThirty Ventures at a company valuation of $10 million. SixThirty is a financial services tech incubator that has invested $1.2 million into 12 companies, according to the St. Louis Business Journal.
DAVO Technologies is developing DAVOTAX, a “simple and streamlined product that automatically collects, files and pays sales tax for merchants,” according to Owen Brown, DAVO’s CEO. He said the software has a patented process that gives merchants more time to focus on the profitable aspects of their business instead of sales tax compliance.
The funding will help DAVO Technologies complete the software.