SixThirty Ventures helps to develop DAVO Sales Tax
October 27, 2014
DAVO Technologies, a Maine based technology company has received funding from SixThirty VENTURES to assist in completing the development of their DAVO Sales Tax comprehensive sales tax solution for merchants.
“Sales tax compliance is a major burden for many businesses, particularly small to mid-sized merchants. It is a responsibility from which they gain no benefit, yet have all the liability if they make a mistake,” said Owen Brown, CEO of DAVO Technologies. “Merchants are incredibly busy people wearing multiple hats and DAVO helps them optimize limited resources, both time and money” says David Joseph, Chairman of DAVO Technologies.
“DAVO Sales Tax is our simple and streamlined product that automatically collects, files and pays sales tax for merchants.” According to Brown, “DAVO’s patented process removes all the friction points associated with sales tax compliance, affording merchants more time to focus on the profitable aspects of their business.”
“By collecting and impounding sales tax funds daily, DAVO Sales Tax facilitates the merchant’s state tax compliance obligations. Our goal is to protect the merchant, mitigating risk” said Brown. At the end of the tax cycle, DAVO Sales Tax automatically files and pays sales tax revenues to the state on behalf of the merchant.
Six Thirty Ventures supplies funding, mentorship and introductions to the financial services industry for financial technology startups. “DAVO is honored to be part of 630 Ventures portfolio of fintechs,” said Joseph.
About DAVO Technologies LLC
DAVO Technologies, LLC has pioneered the development of payment processes that remove friction points between payees and payers using their patented technology, and the card payments networks. DAVO is currently developing a suite of proprietary products that reduce traditional 30 day payment cycles to 24 hours. DAVO’s current product offerings are focused on sales tax payments for small to mid-sized merchants, franchise royalty and advertisement fees and merchant utility payments. To find out more, please visit www.davotechnologies.com.
SixThirty is a financial services tech accelerator program headquartered in St. Louis. Backed by the St. Louis Regional Chamber and local investment firm Cultivation Capital, SixThirty invests in fintech companies with working products and provides hands-on training, mentoring, and networking opportunities with the top financial services companies in the region. St. Louis is home to Edward Jones, Scottrade, Stifel Financial, Wells Fargo Advisors and US Bancorp CDC, as well as many other leading financial services, banking, insurance and venture capital companies.