Taxfyle, which is a Coral Gables, Florida-based on-demand licensed accounting platform, in a report revealed that they have raised an amount of $4.1m in the funding round of Series A.
The round, which brought total funding raised to date to $7.3m, was led by some of the leading investors which includes the Rokk3r Fuel ExO, with participation from Ocean Azul Partners. In conjunction with the financing, Rokk3r Fuel founder and managing director Jeff Ransdell, Ocean Azul Partners managing director Bill Pruitt, and former PricewaterhouseCoopers partner Dick Deas will join the Taxfyle Board of Directors.
The company has an intention to use the funds for the expansion of its platform, ramp up distribution of Worklayer and recruit additional marketing and sales staff.
The startup which was launched in 2015, the company has a user base of more than 40,000 taxpayers and 1,300 licensed professionals. It operates in all 50 states and Puerto Rico.
“We've built an amazing product with excellent market fit. Now we want to establish a robust sales force to get that product in the hands of new users, be it individuals or businesses,” said Michael Mouriz, co-founder and COO of Taxfyle, in a statement.
With the Series A round, Taxfyle also added a few new key members to its board of directors, including Jeff Ransdell, Rokk3r Fuel founder and managing director; Bill Pruitt, managing director of Ocean Azul Partners; and Dick Deas, a former partner at PricewaterhouseCoopers.
“We are thrilled to welcome Jeff, Bill and Dick to the Taxfyle board, and welcome Ocean Azul as VC partners. We share the same values and their experiences advising fast-growing companies will help Taxfyle become a fundamental part of the accounting industry,” stated Ricky Laviña, co-founder and CEO of Taxfyle. “Our mission is not only to modernize consumer tax prep, but to bring the future of work to professional accounting firms around the world. For tax professionals, Taxfyle and Worklayer offer the chance to set flexible work hours and adjust workload as needed while earning wages comparable to those paid by the leading accounting firms.”
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