Company:VATBox
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| Website | VATBox Website |
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VATBox is a global cloud-based provider of automated VAT recovery and governance solutions, founded in 2012 by Isaac Saft and Noam Guzman.[1]
Background - VAT Recovery
In 2014 the EU28 member states collected €975,901.6[2] million of value-added tax (VAT), of which billions of corporate VAT are left un-recovered. VAT recovery in the EU is a complex, unstructured process that presents multiple challenges for governance and corporate tax officers. Claims are addressed using semi-automated/manual and error-prone processes that are both time-consuming and costly. Failed and incorrect claims result in loss of revenue, lack of financial governance and improper compliance.
Product - Automated VAT Recovery & Governance
VATBox automatically detects and recovers VAT – both foreign and domestic - wherever the tax is charged. VATBox's technology - which is part of growing trend in FinTech and RegTech automation - captures the data and evidence from multiple sources, matches and validates the data, pinpoints any leaks or missing evidence, determines whether it qualifies for VAT recovery, and if it does, then submits the claim. The solution also performs analytics, providing real-time visibility to all ongoing claims both at aggregate and detailed levels. The company also holds numerous patents relating to use of technology in the reclaim process.[3]
Funding
In August 2015, VATBox closed $24 million in financing[4][5][6] led by the Viola Growth Fund, part of the Viola Group.[7] In February 2017, VATBox 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.[8]
Awards
VATBox was ranked the 50 most promising private Israeli startups by Calcalist, a leading business publication in Israel.[9]
Company Size
VATBox has 1500 customers in over 40 countries. The company employs 150 employees in offices in London, Paris, Amsterdam, Munich, New York & Tel Aviv.
References
- ↑ "VATBox | crunchbase". https://www.crunchbase.com/organization/vatbox#/entity.
- ↑ "Home - Eurostat". http://ec.europa.eu/eurostat.
- ↑ "Vatbox Ltd patents list (updated weekly)". http://stks.freshpatents.com/Vatbox-Ltd-nm1.php.
- ↑ shibolet (2015-08-11). "Shibolet & Co. represented VATBox in the closing of $24 million financing round." (in en-US). http://www.shibolet.com/news-and-events/shibolet-co-represented-vatbox-in-the-closing-of-24-million-financing-round/.
- ↑ "VAT recovery co VATBox raises $24m - Globes English". http://www.globes.co.il/en/article-vat-recovery-co-vatbox-raises-24m-1001059817.
- ↑ "Viola Growth - Investments | crunchbase". https://www.crunchbase.com/organization/viola-private-equity/investments.
- ↑ Viola Notes (2017-01-09), Viola Notes interview with Isaac Saft, Founder & CEO of VATBox, https://www.youtube.com/watch?v=ZwArW9ITXiY&feature=youtu.be, retrieved 2017-01-26
- ↑ "Israeli VAT recovery co VATBox raises $20m - PR Newswire" (in En). http://www.prnewswire.com/news-releases/additional-20m-in-funding-secured-by-vatbox-a-leader-in-automated-vat-recovery-and-tax-management-615752273.html.
- ↑ investor, Follow meEze VidraStartup; investor, advisor at TechbikersEze is startup; GV, advisor Until recently he was a General Partner at Google Ventures Europe Before joining; London, Eze started Campus; startups, Google's first physical hub for; manager, led Google for Entrepreneurs in Europe He's an experienced product; Techbikers, startup mentor In 2012 Eze founded; Countries, A. Non-for Profit Supporting Children Education in Developing (2016-05-12). "The 50 Most Promising Israeli Startups in 2016". http://www.vccafe.com/2016/05/13/the-50-most-promising-israeli-startups-in-2016/.
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