SALT LAKE CITY, July 23, 2014 /PRNewswire-iReach/ — Beanstalk, an online SaaS-based tax platform for small-to-medium sized businesses and their advisors, announced today that it has raised $2 million in seed funding led by leading venture capital firm New Enterprise Associates (NEA), with participation from EPIC Ventures, Deep Fork Capital, and former Wall Street executive and investor Jim Engebretsen. Beanstalk will use the funds to continue building out its core tax technology and to fund its substantial growth in 2014 and beyond.
Beanstalk is a comprehensive platform that provides secure document storage, date tracking, and organized note and discussion archives. Founder and CEO Kurt Avarell, a former tax attorney turned tech entrepreneur, experienced first-hand the problems with complicated and less effective tax software options before creating his own solution. “Beanstalk is about making taxes really simple for small business owners and their advisors,” said Avarell. “We are fundamentally rethinking how taxes work and how small businesses interact with their tax advisors.”
Beanstalk targets a massive market that is currently filled with inefficiencies. Nearly 23 million small business owners across the United States spend as much as three weeks each year preparing, managing, and paying federal and state taxes. This is a costly tax burden in both time and expense for small business owners — who would prefer to spend less time managing their taxes and more time building their business.