Davo Technologies, a fast-growing software company in Westbrook that helps small businesses manage collections and payments, has closed on a $1.25 million round of investment led by Anania & Associates Investment Co.

The investment will enable Davo to expand while bringing greater depth of experience to its board of directors and management team, the company said Monday in a news release.

Davo said it has made new additions to its board of directors and staff, and the company has relocated to a 5,500-square-foot office overlooking the Presumpscot River in Westbrook. One addition to the board is Peter Anania, owner of Anania & Associates.

Davo said it plans to launch a new website in November with greater visibility and functionality, and it has new product releases scheduled for the fourth quarter of this year.

“The investment comes with much-needed infrastructure support provided by Anania & Associates,” Davo CEO Owen Brown said in the release. “The depth of experience they bring adds enormous value. In addition, the investment allows us to build upon our commitment to excellence and to expand our platform’s feature and functionality set.”

J. Craig Anderson can be contacted at 791-6390 or at:

[email protected]

Twitter: @jcraiganderson

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