Announcing our Investment in Anrok

By Adam Coccari and Tanvi Lal

Today we’re excited to announce Intuit Ventures’ investment in Anrok , a sales tax platform for software companies and global businesses. With this investment, we join their Series B round led by Khosla Ventures with participation from existing investors Index Ventures, Sequoia Capital, and angel investors.?

Intuit Ventures is excited about Anrok’s solution which serves the sales tax needs of the growing software segment of companies. Historically, states applied sales tax to only the retail sale of goods and services in the state. Businesses with no physical presence in-state didn't always have to collect sales tax. That changed after a 2018 Supreme Court ruling which permitted states to require out-of-state sellers to collect and remit sales tax. Businesses now must grapple with various tax laws at the state, county, and sometimes local-level; creating an inevitable challenge for all companies but one that puts outsized pressure on small and mid-sized businesses.?

Given the arrival of effective AI and no-code software for creating SaaS solutions, the number of software companies continues to increase. Tax compliance is on the minds of these software companies, who oftentimes face complex taxation requirements if their employees are in multiple states and/or in various countries. These companies need a modern tool which understands billing nuances of software business models to help manage their sales tax compliance.?

Anrok’s proprietary data model accounts for software-specific billing nuances like usage-based billing, upsells, and downsells. Implementation is seamless because Anrok can connect directly to QuickBooks, Stripe, and other platforms where bills and invoices are generated. Features like real-time notifications of tax liabilities and continuous tax compliance monitoring can make tax compliance less cumbersome for businesses. As a business hires global talent or expands into new markets, Anrok can effectively handle VAT and GST tax compliance as well.

We were impressed by CEO Michelle Valentine 's vision, knowledge of the space, and the feedback from their customers. The strength of the team speaks to her effectiveness as a leader. We’re proud to support Anrok and their vision ??