Anrok, a San Francisco, CA-based sales tax solution built specifically for software-as-a-service (SaaS) businesses, raised $4.3M in seed funding.
The round was co-led by Index Ventures and Sequoia Capital.
The company intends to use the funds to continue to expand operations and its business reach.
Led by Michelle Valentine, CEO and co-founder, Anrok provides a platform that allows internet businesses to determine, calculate, and manage sales tax obligations. Anrok plugs into a company’s billing and payment systems, incorporating each state’s nexus thresholds and taxability rules in real time, and returning the relevant tax rate of each transaction. Transactions are then stored and automatically organized into returns for filing – an obligation which has increased from virtually never, to what is now a monthly requirement in many states.