Sales tax automation company Taxjar has netted $60m in an equity round of funding from Insight Venture Partners.
Prior to this investment, the company last raised capital in 2014 for a $2m seed round which was led by Rincon Venture Partners and Daher Capital. The round supported the company becoming profitable in 2016, Taxjar claims.
With the new burst of capital, the company will look to ‘aggressively hire’ and expand its remote team of 60. Alongside this, Taxjar will accelerate product development, research, and the go-to-market strategy of its new TaxJar Plus platform.
Founded in 2013, the company designs affordable and automated sales tax solutions for e-commerce business, developers and accountants. The multi-channel solution boasts real-time sales tax calculations and conducts reporting and filings processes.
Its new Plus solution offers additional solutions including go-live assistance and onboarding, advanced ERP integrations, 24/7 support, multi-user login and address verification, among others.
TaxJar founder and CEO Mark Faggiano said, “This is a great event for our customers. We’ll have the ability to expand our resources to continue to build the world’s best automated sales tax solution. We’re focused on delivering even more value to the more than 15,000 small business merchants who already trust us with their compliance, and in addition, we’re excited to accelerate growth to meet more complex customer needs with TaxJar Plus.”
Last year, Insight Venture Partners held the $6.3bn final close for its tenth investment fund, which backs the growth-stage software, software-enabled services, and internet business sectors.
The firm led the $50m Series F funding round of WalkMe, a provider of digital adoption solutions, late last year.
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