Tax Lab
Early Stage
AI-driven SaaS to simplify complicated bookkeeping & taxes for small businesses
Overview
Raised: $54,815
Total Commitments ($USD)
Platform
Republic
Start Date
11/29/2022
Close Date
02/28/2023
Min. Goal
$25,000
Max. Goal
$3,000,000
Min. Investment
$150
Security Type
SAFE
Series
Seed
Funding Type
RegCF
Valuation Cap
$15,000,000
Discount Rate
0%
Rolling Commitments ($USD)
Status
Active
Reporting Date
02/02/2023
Days Remaining
26
% of Min. Goal
219%
% of Max. Goal
2%
Likelihood of Max
Avg. Daily Raise
$843
# of Investors
53
Momentum
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Location
Los Angeles, California
Industry
Business Services, Software, & Applications
Tech Sector
EnterpriseTech
Distribution Model
B2B
Margin
High
Capital Intensity
Low
Tax Lab, with a valuation of $15 million, is raising funds on Republic. The company has developed an AI-driven bookkeeping solution to simplify accounting and taxes for small businesses. The solution, SynkBooks, has simple and intuitive functionalities and lets users focus on scalability and profitability. Tax Lab is overseeing $14 million in gross receipts for the current client base and reported a 590% revenue growth from the first half of 2021 to the first half of 2022. Isai Bismark Cortez and Lonny Schwartz founded Tax Lab in July 2018. The current crowdfunding campaign has a minimum target of $25,000 and a maximum target of $3 million. The campaign proceeds will be used for expansion into more diverse customer acquisition channels and for building additional features into the software.
Summary Profit and Loss Statement
| Most Recent Year | Prior Year | |
|---|---|---|
|
Revenue |
$60,778 |
$38,508 |
|
COGS |
$2,387 |
$650 |
|
Tax |
$0 |
$0 |
| ||
| ||
|
Net Income |
$-19,790 |
$7,267 |
Summary Balance Sheet
| Most Recent Year | Prior Year | |
|---|---|---|
|
Cash |
$18,508 |
$3,764 |
|
Accounts Receivable |
$0 |
$0 |
|
Total Assets |
$18,508 |
$3,764 |
|
Short-Term Debt |
$5,896 |
$2,728 |
|
Long-Term Debt |
$198,687 |
$167,322 |
|
Total Liabilities |
$204,583 |
$170,050 |
Financials as of: 11/29/2022
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