Zenwork plans to use the funding to drive product development and meet the growing demand for its solutions. Here are the top-line bullets you need to know.
Zenwork, a digital tax compliance and regulatory reporting technology provider, has raised $163M in growth equity funding from Spectrum Equity.
HOW’S THE COMPANY PERFORMING?
- Arkansas-based Zenwork, formerly known as Tech Atlantis, is a RegTech firm that helps companies automate their tax reporting processes.
- The startup’s main products are Tax1099, an IRS-approved e-filing platform, and Compliancely, an identity verification platform.
- The company caters to 100K+ small businesses, including 30K CPA firms, as well as large enterprises like Berkshire Hathaway, Mars, Allbirds, Payoneer, and Rover. Zenwork has added 40K new clients annually over the past 2 years.
- Zenwork is currently supported by a team of 80 employees, and it plans to double its headcount to 160 over the next year.
WHY DOES THE MARKET MATTER?
- The global RegTech market is expected to grow at a CAGR of 20.3% and reach a value of $16B by 2025, according to Markets and Markets.
- Rapidly changing state and federal mandates alongside the rise of the gig economy have increased the demand for solutions to help navigate new tax reporting processes.