TaxJar, a provider of tax management services for online retailers, has raised $600,000 from angel investors.
The money represents the company’s first outside funding, and is meant to help TaxJar accelerate customer acquisition and bring new product features to market. Among the expected new features are a tax rate lookup service and sales tax return e-filing.
Among the angel investors in the current seed round are Dan Rose, vice president of partnerships at Facebook; Harris Barton, a principal at H Barton Asset Management; Roy Rubin, and co-founder and COO at Magento.
“The reaction TaxJar is getting to its services is exceeding what we expected at this stage,” said TaxJar CEO and co-founder Mark Faggiano, CEO and co-founder of TaxJar. “As we take the next important steps in our company’s growth, we wanted to be very specific in choosing only strategic investors. We actually ended up being oversubscribed and as a result, raised our funding limit in order to bring in key investors.”
“When I met the TaxJar team, I saw how passionate they are in helping e-commerce merchants succeed,” said Barton. “The issues surrounding sales tax collection for online merchants, as well as the number of merchants themselves, will only grow in the coming years. TaxJar is placing itself at the center of this opportunity.”
TaxJar provides sales tax automation to sellers on Amazon, eBay, Shopify, PayPal, BigCommerce and Etsy, serving customers with from less than $100,000 a year in sales to tens of millions. It also offers TaxJar Pro, which automates sales tax reporting for accountants.
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