ATLANTA, June 25, 2024 /PRNewswire/ -- CereTax, the next-generation sales tax solution, today announced a $9 million financing led by S3 Ventures, with participation from Wild Basin Investments and Leaders Fund.
CereTax revolutionizes sales and use tax automation by combining the modernization of a true cloud solution with a relationship-first team of indirect tax experts. Unlike older tax systems plagued by long implementations, inflexibility, and scalability limits, CereTax provides a modern solution that meets the high demands of today's businesses with ease. This year, CereTax's revenue has more than tripled year-over-year while enabling 20+ channel partners.
"Sales and use tax determination and compliance is complex and burdensome," said Aaron Perman, Partner at S3 Ventures. "The legacy solutions used by the vast majority of enterprises struggle to handle the complexity and scale of modern business, and errors can result in significant tax liabilities and penalties. We are excited to partner with CereTax for the long haul as they build the first new enterprise SaaS platform for indirect tax in twenty years."
"With CereTax Sales Tax, we've seen a dramatic reduction in time spent on manual processes. The new system has truly streamlined our operations," Lina Pinskaya, Controller of Ideal Living. "Having a knowledgeable support team made all the difference. They were responsive to our specific questions and helped us feel supported throughout the transition and after."
With the new funding, CereTax will further invest in product innovation and supporting customers and partners. Key early hires to scale the company and grow the business include Dario Salas Machado as Vice President of Finance, bringing over 15 years of finance and business expertise, and Marni Burger as Vice President of Marketing, with over 15 years of experience in B2B software and SaaS marketing.
CereTax is also excited to announce the addition of Robert Alvarez to the board of directors. With a proven track record at companies like BigCommerce, Robert's expertise in scaling high-growth technology businesses will be invaluable to CereTax's future endeavors. Robert's deep understanding of financial strategy and operational excellence will enhance CereTax's commitment to innovation and customer success.
"By growing the leadership team and expanding the board, CereTax is strategically positioning itself for a new era of growth and innovation," said Mike Sanders, CereTax's CEO and Co-Founder. "Their combined expertise and vision will be invaluable as we continue our relentless focus on customer and partner success while achieving substantial growth in the years to come."
About CereTax
CereTax is a next-generation sales tax automation solution that leverages the latest advancements in cloud technology to revolutionize how a sales tax calculation platform operates. CereTax processes millions of transactions per month for some of the largest enterprises, enabling companies to do business reliably and in compliance. CereTax was founded in 2021 and is headquartered in Atlanta, Georgia. Learn more about CereTax at https://www.ceretax.com/.
About S3 Ventures
Founded in 2005, S3 Ventures leads Seed, Series A, and Series B investments in Business Technology, Digital Experiences, and Healthcare Technology. Backed by a single limited partner — a highly philanthropic family with a multi-billion-dollar foundation — S3 Ventures empowers visionary founders with the patient capital and true resources required to grow extraordinary, high-impact companies. Learn more about S3 Ventures at https://www.s3vc.com/.
SOURCE CereTax
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