LumaTax, whose software streamlines sales tax compliance for small business owners by integrating with tools that they already use, today announced that it closed a $3 million financing led by Cowboy Ventures. With additional participation from existing investors Madrona Venture Group, and Greycroft Partners and new investor, Vulcan Capital, the financing, along with LumaTax’s integration with Square, will expand Touch-free Tax Returns™ to small business merchants in new markets that collect sales tax.
“LumaTax enables small business owners to build their businesses instead of spending time on the painstaking and burdensome process of tax reporting,” said Cowboy Ventures Partner Ted Wang. “It's an ideal application of technology because it enables computers to do the things that they are uniquely good at while freeing up human beings to do other tasks. I am particularly excited about LumaTax's partnership with Square, because I have been involved with Square since it was a brand-new company with a similar mission of applying technology to help small businesses.”
Through the Square App Marketplace integration, LumaTax enables merchants to quickly and easily file sales taxes in any state. LumaTax is also available in the Quickbooks App Store.
Innovative companies like Square are revolutionizing how small and medium-size businesses operate and automate. But sales tax compliance, for both brick-and-mortar and online small businesses, has remained a time consuming and complex process. As online sales transactions skyrocket, small business owners are facing expanding regulations and enforcement by state taxing authorities, forcing them to re-evaluate the way they collect and remit sales tax or risk potential consequences for non-compliance. This is where LumaTax comes in to automate the reporting of sales tax.
“LumaTax was founded on the premise that machines are more capable of performing complex audit and compliance tasks than humans,” said LumaTax Founder and CEO Robert Schulte. “Our objective is to level the regulatory playing field for businesses by bringing them a touch-free compliance experience—at the cost of about four lattes a month.”
About LumaTax
LumaTax’s mission is to build a world where all small business tax filings are touch-free, paper-free, and worry-free. Today, LumaTax software streamlines sales tax compliance for small business owners by integrating with tools that they already use. A LumaTax subscription includes automated audit analysis and nationwide Touch-free Tax Return filing. LumaTax is backed by Madrona Venture Group, Cowboy Ventures, Greycroft Partners, and Vulcan Capital. www.lumatax.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180117005231/en/
Contacts:
Erika Shaffer, 206-972-5514
Erika@madrona.com
