ComplYant raises $5.5M to Build Digital Tax Assistant for Small Businesses

ComplYant is the first platform to help streamline and manage federal, state, sales, and other tax requirements in one place - helping small businesses save time and avoid costly penalties

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ComplYant

Feb 08, 2022, 10:00 ET

LOS ANGELES, Feb. 8, 2022 /PRNewswire/ -- ComplYant^®, a digital tax assistant for small business owners, announced today that it has closed a seed funding round of $5.5 million led by Craft Ventures with participation from Mucker Capital, Slauson & Co., and Techstars. ComplYant was founded by Grid110, MuckerLab, and Techstars alum Shiloh Johnson.

There are more than 31 million small businesses in the United States, and they pay billions in tax penalties every year for filing forms or making payments late. Some businesses just forget while others don't understand enough about the taxes they owe to know that they owe them. ComplYant's digital platform solves this problem by streamlining workflow, providing a savings wallet for taxes, and allowing accountants to collaborate with client accounts – all right in your browser. Using ComplYant, U.S. small business owners can easily manage and take charge of income tax, sales tax, business licenses, and even annual reports with deadline tracking, budgeting, tax education, and more.

By digitizing and streamlining the business tax compliance process ComplYant has saved thousands of customers over 70,000 hours and over $4 million in late fees and penalties each year.

"During my time as a CPA, I saw firsthand how small business owners struggle with managing their tax deadlines. Running a small business is hard enough already, and on top of everything entrepreneurs have to manage, late fees and fines are the last things they need," said Shiloh Johnson, CEO and founder of ComplYant."Tax compliance is fragmented and complex, so it's no wonder small business owners find it difficult to navigate. It's time we make it much easier to do the hard stuff better."

"ComplYant is a no-brainer for any small business owner to navigate complex tax rules and requirements," said Michael Tam, partner at Craft Ventures. "Shiloh is a domain expert with a keen product sense on a mission to empower all types of business owners with fiscal guidance. This is the strong combination we look for as investors and we found it in spades with ComplYant."

The new funding will allow ComplYant to build even more tax tools that small businesses need. Small business owners and accountants who want more control over their taxes, while saving time and money, can register here.

About ComplYant

ComplYant is a technology startup putting power back in the hands of small business owners. Founded in LA in 2019, ComplYant wants to upend the status quo that says only big businesses benefit from great tax support. ComplYant was founded by Shiloh Johnson, entrepreneur and former CPA. As a minority founder, Shiloh has prioritized growing a diverse and incredibly talented team. If you're interested in joining ComplYant's mission to empower the more than 31 million small business owners in the U.S., check out www.complyant.co/careers.

CONTACT: [email protected]

SOURCE ComplYant