Adsum, a tax-based financing company, has collected $5m in funding from Episode 1 and Digital Horizon.
The investment was also backed by D2 and unnamed angel investors from New York and London.
Founded in 2020, the company claims 25% of UK businesses are owed a tax credit. Its platform identifies the value of the tax credit owed and delivers it within 24 hours. Companies simply sync their accounts to the mobile app, explain current and upcoming business plans and the app will handle the rest.
By leveraging its in-house technological solution, Adsum can auto calculate VAT, R&D and creative industries tax credits and refunds.
Adsum CEO and co-founder Justina Tartilaite said, “Making tax digital, open banking and open accounting bring a myriad of opportunities for businesses today; giving management teams the option to make smarter and more flexible decisions on funding options even if they are loss-making or pre-revenue.
“This is a common situation for even high-growth, VC-backed businesses – ranging from video game development, pharma, agri-tech, media and EV ecosystems. Therefore, we are thrilled to provide these vital, flourishing businesses with another avenue for the capital they need, and we are thankful for this investment round – which will allow us to continue this work”.
Last week, Column Tax, which has built a personal income tax software platform, raised $21.7m in its Series A funding round.
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