TaxCloud, a Norwalk, CT-based sales tax compliance platform for e-commerce companies, raised $20 million in a growth equity funding round.
The round was led by Camber Partners, a growth equity firm focused on product-led growth (PLG) software companies.
The investment will enable TaxCloud to continue providing exceptional service to its customers while expanding its product offerings, marketing efforts, and sales operations, ultimately driving growth in the ecommerce sales and use tax market.
As a part of the investment, Nate Gilmore has been appointed CEO of TaxCloud.
Gilmore remarked, “I am thrilled to be joining TaxCloud’s team at this exciting time for the company. Camber’s dedication to growing industry-leading SaaS solutions is a perfect match for our mission of simplifying sales tax compliance for ecommerce businesses.”
TaxCloud’s platform helps merchants calculate, collect, and file sales and use tax for transactions in all 50 U.S. states and the District of Columbia. The platform is now used by more than 4,000 e-commerce businesses.
Company: FEDERAL TAX AUTHORITY LLC.
Raised: $20.0M
Round: Growth Equity
Funding Month: April 2023
Lead Investors: Camber Partners
Additional Investors:
Company Website: https://taxcloud.com/
Software Category: Sales Tax Software
About the Company: TaxCloud is a sales tax management & compliance service designed for online retailers. The company's cloud-based, SaaS platform offers sales tax calculation for every address in the US, filing & remittance services, audit response, and indemnification to its clients. Its platform mainly focuses on determining the applicable sales tax rate based on product and service taxability as well as offering a free sales tax collection, reporting, and remittance service, thereby enabling clients to file returns and remit their collected sales tax proceeds to the appropriate state and local jurisdictions. TaxCloud’s mission is to offer online retailers an affordable, easy way to calculate and collect sales tax.
Source: https://fintech.global/2023/04/26/sales-tax-compliance-platform-taxcloud-nets-20m/