One Step Closer to Eliminating Tax Stress for Small Businesses
Announcing our $5.5M Seed Fundraise led by Craft Ventures
I was a practicing CPA for 15 years before I founded ComplYant, and I noticed that a huge number of my clients had serious issues with their taxes. Some of them owed the IRS upwards of $50,000, which can be devastating for many small businesses. These clients of mine were not trying to evade their taxes, they just never had access to the resources that would have helped them plan for tax season from the start. In many cases, they were taken completely by surprise.
This is a huge problem. There are more than 31 million small businesses in the United States, accounting for about 99% of all businesses in the country. About 40% are women-owned, and nearly 20% are minority-owned. As a female minority business owner myself, I wanted to help them. After all, they didn’t pour their blood, sweat, and tears into getting their businesses off the ground just to owe unexpected money to the IRS. I was determined to find a way to help take away the stress of taxes so they could focus on what matters most: running their business. The idea for ComplYant was born, and I set out to build the first-ever comprehensive (federal, state, sales, and more) digital tax assistant. It’s been 2 years, and I’m incredibly proud of what we’ve accomplished. Our incredibly talented team has grown from 5 to 17 in just a few months, and our user base has exceeded 2,000. And most importantly, we’ve saved our customers over 70,000 hours and over $4 million in late fees and penalties each year.
We’ve only just begun to start fulfilling our mission of making life easier for small business owners, which is why I’m excited to announce a $5.5 million investment led by Craft Ventures. This new funding will allow us to keep growing our team and our customer base, and expand the capabilities of our software platform to provide an easy, inexpensive, and efficient tax compliance experience. We’re grateful to our lead investor at Craft, Michael Tam, for being an early believer in ComplYant, in addition to our participating investors at Mucker Capital, Slauson & Co., and Techstars. Michael brings a wealth of experience launching, operating, and funding high-performing companies and we’re privileged to benefit from his guidance as our newest Board member.
So, what’s next? Along with our goal of expanding on our services, we’re also actively growing our team! We are a remote-first company prioritizing trust, support, transparency, diversity, equity, inclusion. We encourage anyone interested in empowering millions of American small business owners to check out our open roles here.