TaxJar nabs $60 million in series A to manage sales tax for busy eCommerce sellers

Everyday, we read stories of startups raising millions of dollars in new funding. Some of these startups spend a significant portion of the new capital on office spaces, equipment and many more. TaxJar is one of the most successful and profitable startups you’ve probably never heard of. Unlike other startups, TaxJar has a team that is 100% remote (meaning the company does not have any physical offices). It’s been profitable now for two and a half years. The startup is a provider of sales tax automation company for eCommerce businesses and developers,

Today, TaxJar announced it has closed a $60 million growth equity round 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. The round was led by 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.

Founded in 2013 by Mark Faggiano, TaxJar’s mission is to help eCommerce merchants spend less time on sales tax and more time growing the businesses they love. Its software is trusted and used by over 15,000 businesses and developers. TaxJar operates a lean distributed team that knows first-hand the sales tax challenges they’re working to resolve.

“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 aslo 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.