VATBox lands $20m in Target Global-led funding round

VATBox, a VAT recovery and governance solutions provider, is looking to accelerate its international expansion having raised $20m in funding.

Target Global Fund lead the round, which also included existing investors Viola Private Equity and other private investors, bringing the startup’s total equity raised to $50m. Back in August 2015, VATBox raised $24m from Viola.

Founded in 2013 by CEO Isaac Saft and his partner Noam Guzman, VATBox claims to have ‘successfully streamlined’ the global VAT recovery process, providing businesses with visibility, compliance and data integrity.

The company gives companies control over their VAT spend, while making the recovery process more productive and yielding higher returns according to its website. It currently serves hundreds of multi-national corporations and Fortune 500 companies around the world, including Eli Lily, Danone, 3M, Nike, Dell, Amazon, among others.

“Prior to the era of VATBox, companies were forced to forgo substantial VAT returns and were at risk for non-compliance”, according to Target Global partner Shmuel Chafets.

He added, “VATBox’s impressive client list is proof of the company’s achievements in less than three 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. We believe that within a few years VATBox’s services will become an integral part of the financial infrastructure for every international company.”

Target Global is an international venture capital firm with over $400m in assets under management. With offices in San Francisco, Berlin and Moscow, the firm focuses primarily on fast-growing digital-enabled B2C and B2B companies in e-Commerce, FinTech, travel, software and mobile.

It manages a growth fund that invests in Series B and later stage opportunities (both primary and secondary) valued between $5m and $30m per deal, as well as a seed stage fund that focuses on late seed and early Series A investments of $200-500k per deal.

Copyright © 2017 FINTECH GLOBAL

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