Israeli VAT recovery company VATBox has announced the completion of a $20 million financing round led by Target Global Fund and with the participation of existing investors Viola Private Equity and other private investors. This brings the total equity raised by the company since founding to $50 million. The financing will accelerate VATBox’s international expansion and the rollout of its innovative VAT solutions.
VATBox was founded in 2013 by CEO Isaac Saft and president Noam Guzman, both experienced entrepreneurs with broad experience in the global software market. The company has offices in Herzliya, Paris, Frankfurt, and New York. Together with a team of more than 100 employees, VATBox is a B2B SaaS company that has streamlined the global VAT recovery process, providing businesses with unrivaled visibility, compliance and data integrity. Leveraging the cloud and utilizing full automation, VATBox provides complete control of a company’s VAT spend, while making the recovery process more productive and yielding higher returns. VATBox serves hundreds of multi-national corporations and Fortune 500 companies around the world, including Eli Lily, Danone, 3M, Nike, Dell, Amazon, and many others.
Indirect taxation is a large market that suffers from limited solutions and few innovations. VATBox has succeeded where many have failed, thanks to technology that optimizes the VAT return process and ensures global regulatory compliance, giving businesses full control over their tax spend and recovery. Over the past several years, the FinTech company has earned wide coverage and recognition from many organizations, including - MasterCard, Citi Bank, Red Herring, Finovate London and others.
Target Global partner Shmuel Chafets said, “Prior to the era of VATBox, companies were forced to forgo substantial VAT returns and were at risk for non-compliance. VATBox’s impressive client list is proof of the company’s achievements in less than tree years of sales. Apart from the immediate value inherent in the automation of VAT refunds, the company is positioned strategically to deal with the increasing complexity of international taxation. Investment in VATBox is in line with Target Global's strategy to invest in companies with the potential to become market leaders. We believe that within a few years VATBox’s services will become an integral part of the financial infrastructure for every international company.”
Saft said, “This round of financing marks the completion of a challenging and exciting year full of achievements. We are proud of our list of new customers, in the financial returns they earned, and of course in the quality of the products and the added value that we supplied. We feel very fortunate for the opportunity to be active in such an immense market at the right time, providing innovation in the area of tax."
Published by Globes [online], Israel business news - www.globes-online.com - on February 21, 2017
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