Established Ecommerce Solution Provider Simplifies the Process of Collecting and Reporting Sales Tax for Out-of-State Transactions; New Investment Will Fuel Expansion into SaaS Marketplace

SAN FRANCISCO: Numeral, a company that handles the intricacies of sales tax compliance for both ecommerce and SaaS companies, has secured $18M in Series A funding led by Benchmark Capital with participation from existing seed investors Uncork Capital, Y Combinator and FundersClub. Numeral has raised $22 million to date and has seen 3X+ revenue and customer growth in the past year based on its ability to help over 1,000 businesses, including Ridge, Graza, immi, Nomad and Muddy Bites, collect tax for out-of-state sales, as mandated by the U.S. Supreme Court in 2018.

“A company doing $5M in sales typically owes sales tax in more than 30 states, which means they need to comply with the tax rules of nearly 10,000 jurisdictions,” said Sam Ross, co-founder, Numeral. “By streamlining and automating the sales tax process and handling everything from registration to remittance, Numeral takes a major task off the plate of accounting teams, giving them their time and resources back and increasing productivity throughout the business.”

Numeral will use its financing to extend its focus to include SaaS companies, as 25 states today require sales tax on software sales, a number that is sure to grow in the coming year as states seek new revenue sources. Numeral will also use the new funds for international expansion and to secure additional engineering talent.

“Sales tax for digital businesses like ecommerce and software is a huge lift with an extraordinary amount of complexity. Further, adding international markets increases this complexity exponentially,” said Chetan Puttagunta, General Partner, Benchmark, and new Numeral board member. “Numeral is leveraging AI to solve critical business challenges and help businesses expand into new markets with fewer barriers.”

Numeral was founded in early 2023. Co-founders Sam Ross, an entrepreneur with multiple ecommerce startups generating over $50 million in revenue, and Matt DuVall, a software engineer who led teams at Stripe, Notion, and Box, bring deep industry experience to the company. Ross’ direct experience with the headache of filing sales taxes across many states was the basis for starting Numeral.

About Numeral

Numeral, founded in 2023 and based in San Francisco, handles the intricacies of sales tax compliance for both ecommerce and SaaS companies, providing support throughout the process, from registration to remittance. Numeral has nearly 1,000 active customers and is funded by Benchmark Capital, Uncork Capital, Y Combinator, and FundersClub. For more information, visit www.numeralhq.com

Fonte: Business Wire