With the investment, Battery Ventures partner, Chelsea Stoner, has joined the Avalara board of directors. Avalara's previous round of funding was a $25-million investment completed last fall. For Avalara, it was found money. "We weren’t even looking for it. It just came to us," says CEO Scott McFarlane. Since Battery Ventures is a well-known group, the round is also putting Avalara on the map with the national financial media. McFarlane says the funding will be used in all working areas and that "it was an opportunity for us to distance ourselves from everybody," he says. Avalara will likely work more on developing its channels and will probably make some acquisitions. McFarlane says that his company would like to develop integrations for some of the low-end online applications, such as FreshBooks. "That is certainly a direction we want to go. We have done so well with NetSuite, Intacct and other SaaS-based products," he says. He also hopes to "extend our reach" with companies such as Infor, Open Systems and Exact.
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AVALARA GETS ANOTHER $20 MILLION
The venture capital money keeps rolling into Avalara which just picked up $20 million more from Battery Ventures. The Bainbridge Island, Wash.-based company looks like the only game in town for much of the sales-and-use tax market in the midmarket and that's got to be appealing to investors.
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