Beanstalk, an online SaaS-based tax platform for small-to medium-sized enterprises and their advisors, today announced that it has raised $2 million in seed funding under the leadership of New Enterprise Associates (NEA) venture capital firm, with the participation of EPIC Ventures, Deep Fork Capital, and former Wall Street executive and investor Jim Engebretsen. Beanstalk will use the funds to continue developing its core tax technology and to fund its substantial growth in 2014 and beyond.
Beanstalk is a comprehensive platform providing secure document storage, date tracking, and organized note and discussion archives. Founder and CEO Kurt Avarell, a former tax attorney who had become a tech entrepreneur, experienced first-hand problems with complicated and less efficient tax software options before creating his own solution. ‘Beanstalk is about making taxes really simple for small business owners and their consultants,’ Avarell said. ‘We are fundamentally rethinking how taxes work and how small businesses interact with their tax advisers. ”
Beanstalk aims at a massive market that is currently filled with inefficiencies. Almost 23 million small business owners in the United States spend as much as three weeks each year preparing, managing and paying federal and state taxes. This is a costly time and expense tax burden for small business owners—who would prefer to spend less time managing their taxes and more time building their businesses.
‘Small Business Tax Prep is a $6B market eager for disruption,’ said Chetan Puttagunta, NEA Partner. ‘Beanstalk provides a wide range of client management tools that benefit both tax pros and small business owners. We were extremely impressed by their organic customer traction and look forward to partnering with them to enhance their existing success. ”
Since the launch of a limited beta in March 2014, Beanstalk has grown rapidly among accountants eager to add transparency to their clients’ tax situations. By using Beanstalk, accountants and their clients can save time and money on a winning combination.
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About Beantalk
Beanstalk is a simple, SaaS-based tax platform that gives small businesses and their advisors a single place to manage their tax compliance fully online, in an elegant online dashboard. Launched in beta in March 2014, hundreds of taxpayers have already used Beanstalk and their tax advisors. Beanstalk is located in Salt Lake City, Utah. Visit www for more information. Beanstalkq Come on,
On the NEA
New Business Associates, Inc. (NEA) is a leading venture capital firm focused on helping entrepreneurs build transformational enterprises across multiple phases, sectors and geographies. With approximately $13 billion in committed capital, NEA invests in IT, healthcare and energy technology companies at all stages of the company’s life cycle, from seed through IPO. The company’s long record of successful investment includes more than 175 IPO portfolio companies and more than 300 acquisitions. For more information, please visit www No. Nea Come on,
On the EPIC Ventures
EPIC Ventures is an early stage venture capital firm located in Salt Lake City, Utah. Founded in 1994, the mission of EPIC Ventures is to find and support great entrepreneurs regardless of location. The company focuses primarily on Series A investments across the IT stack, from SaaS to networking technologies.
Deep Fork Capital
Deep Fork Capital is a San Francisco-and New York City-based early-stage venture capital firm focused on investing globally in entrepreneurs who are building disruptive technology-driven companies on the Consumerized Internet. Founded, financed and operated by entrepreneurs, Deep Fork Capital partners are familiar with the challenges and opportunities to launch and build a new business; as such, Deep Fork Capital is committed to working actively with an entrepreneur throughout the life of its business. For more information, please visit www Capital of Deep Fork Come on,
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