Arvo Tech has raised $2.5 million in a Series A funding round to deliver its tax strategy solution to more small and medium-sized businesses (SMBs).,
The company will use the new funding to expand its strategic partner program, continue to develop its tax credit platform and help SMBs implement an overall tax strategy, Arvo Tech said in a Wednesday (July 17) press release.
“By housing tax credits and tax strategy under one roof, we are providing companies with the tools necessary to make better financial decisions and capitalize on incentive programs available to them,” Terracina Maxwell, co-founder and president of Arvo Tech, said in the release. “Many SMBs are unaware of the initiatives, so we can make a big impact by bringing these disparate programs and strategies together for them.”
Arvo Tech’s tax credit support includes evaluating which employment tax credits are available to each business, continually monitoring to ensure each business can get the maximum tax credits, providing the completed IRS forms businesses need to claim their credits, and providing all necessary documentation and support from tax attorneys in case of an IRS audit, according to the release.
The company also helps businesses develop a comprehensive tax plan, prepare all necessary documents and applications, monitor their progress toward meeting their tax strategy goals, and ensure compliance with IRS regulations, the release said.
Arvo Tech has helped companies in a range of industries claim a total of $650 million in tax credits, per the release.
“Arvo Tech has emerged as a leader in this space,” David Grove, managing partner at Bandon Partners, which led the company’s latest funding round, said in the release. “Backed by a team with deep expertise and combined with its unparalleled technology, Arvo is set to disrupt how businesses plan and access critical incentive dollars.”
In another recent development in the tax space, Kintsugi said in May that it raised $6 million in a Series A funding round to further develop its tax automation platform.
Kintsugi’s platform aims to help both eCommerce and software-as-a-service (SaaS) businesses replace manual processes with an automated sales tax compliance solution.
The post Arvo Tech Raises $2.5 Million to Expand Tax Credit Platform appeared first on PYMNTS.com.
