HERZLIYA, Israel, March 9, 2017 /PRNewswire/ --
Funding brings total raised to $50M to accelerate global expansion and deployment of innovative TAX solutions
VATBox, a recognized leader in global VAT recovery, today announced the successful completion of a $20 million financing round. The investment by Target Global Fund - with the participation of existing investors Viola Private Equity and other private investors - brings the total equity raised 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 his partner Noam Guzman, both experienced entrepreneurs with broad experience in the global software market. Together with a team of more than 100 employees, VATBox has successfully 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 successful companies have failed, thanks to unique 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.
Commenting on the announcement, Shmuel Chafets, Partner at Target Global 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."
Isaac Saft, VATBox CEO, added "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. We are very excited about the cooperation with Target Global and thank the existing stockholders for their continued support in the company."
About VAT Box
VATBox is a global B2B SaaS company that provides automated, data-driven VAT recovery and governance solutions to, multinational companies. Since its founding in 2013 VATBox has been revolutionizing the automated VAT recovery marketplace with its cloud-based solution, leading the worldwide foreign VAT recovery arena. With offices in London, Paris, Munich, New York and Tel Aviv, VATBox operates globally to give businesses full control over their tax spend and recovery. For more information: visit vatbox.com or follow us on Twitter, Facebook, YouTube and LinkedIn.
About Target Global
Target Global is an international VC firm with over $400 million in assets under management and offices in San Francisco, Berlin and Moscow. Target Global focuses primarily on fast-growing digital-enabled B2C and B2B companies in e-Commerce, FinTech, travel, software and mobile. The company manages a growth fund that invests in Series B and later stage opportunities (both primary and secondary) $5-30 million per deal and a seed stage fund that focuses on late seed and early Series A investments of $200-500k per deal.
About Viola Private Equity
Founded in 2008, Viola Private Equity is an investment fund focusing on mature global technology companies, both private and public, that are in the growth stage. The fund takes a central and active role in the enhancement and growth of its portfolio companies. With over $410 million under management in two funds, Viola Private Equity is managed by Harel Beit-On, Jonathan Kolber, Sami Totah, and Ayal Shiran, all of whom have rich experience in investments and in active seeding of companies, including Amiad Water Systems, MobileAccess, Matomy and Orad. Viola Private Equity is owned by the Viola Group, the leading group in Israel in the field of technology-focused private investment, with $2 billion under management. Additional details can be found on the fund's site http://www.violape.com.
SOURCE VATBox, Target Global & Viola Private Equity