Avalara got a financial boost this week after Battery Ventures invested $20 million in the Bainbridge Island business.
Battery Ventures, an investment firm with offices in Boston, Silicon Valley and Israel, focuses its investments on companies showing innovation through technology.
Avalara offers tax solutions for businesses, which is increasingly in demand as sales move from the register and onto the Internet. With technology and services Avalara provides, businesses can run through complex sales tax calculations at ease. The company has amassed thousand of customers, overseeing approximately one billion transactions every year.
“Avalara exemplifies what we look for in companies as investors: a practical solution to a pressing problem,” said Chelsea Stoner, Battery Ventures Partner. “We believe Avalara has massive potential and we look forward to working with the team to achieve it.”
Along with the $20 million infusion of funds, Stoner will move onto Avalara’s board of directors.
“While we were not actively looking for funding, we are confident Battery’s investment will help Avalara quickly tap the huge opportunity we see ahead of us,” said Avalara founder and CEO Scott McFarlane.
“Their impressive record and solid understanding of the (software as a service) business model make them the right partner to help build the next phase of our business and create a world-class company,” McFarlane said.