TaxJar Closes $60 Million in Series A Funding Round
BOSTON, Jan. 9, 2019 /PRNewswire/ -- TaxJar, the fastest growing sales tax automation company for eCommerce businesses and developers, today announced it has closed a $60 million growth equity round of funding from Insight Venture Partners. TaxJar's most recent funding was a $2 Million Series Seed round led by Rincon Venture Partners and Daher Capital in 2014, which allowed TaxJar to reach profitability in 2016.
This latest round of funding will allow TaxJar to continue to aggressively hire and expand its 100% remote team of nearly 60 in addition to accelerating product development, research, and go-to-market for their new mid-market offering, TaxJar Plus.
"We are thrilled to partner with a proven leader like Insight Venture Partners," said Mark Faggiano, founder and CEO of TaxJar. "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."
Since 2013, TaxJar has been on a mission to make eCommerce easier for everyone. The company provides simple, automated and affordable sales tax solutions for eCommerce business, developers and accountants. TaxJar's modern technology provides customers with an unparalleled multi-channel sales tax experience, real-time sales tax calculations and saves countless manual hours each month spent on sales tax.
"We see a great opportunity in the compliance technology market," says Ross Devor, Managing Director at Insight Venture Partners. "TaxJar's innovative approach and fast-growing customer adoption aligns with our strategy and mission for high-growth software and technology investments. We're thrilled to be part of their journey moving forward."
TaxJar is a leading technology for eCommerce businesses and developers to manage sales tax. As a fully-distributed company, TaxJar was founded to make eCommerce easier for everyone by helping merchants and developers spend less time on sales tax to focus on growing the businesses they love.
TaxJar offers TaxJar Reports, multi-channel reporting feature that organizes sales tax data into return-ready state reports; TaxJar AutoFile, a service that automatically files sales tax returns in any US state; and SmartCalcs API, a modern, robust sales tax calculations API for developers.
After the Supreme Court Decision of South Dakota v. Wayfair, TaxJar introduced the only automated and free tool for businesses to instantly view where they may have economic nexus with the TaxJar Sales & Transactions Checker.
The company's technology-first and customer-focused approach means they are easy to work with from transparent simple pricing to amazing customer service.
To learn more, visit TaxJar.com or follow us on Twitter @taxjar.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity.
For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.