Tax compliance co Blue dot raises $32m
AI driven tax compliance platform developer Blue dot, VATBox, today announced that the company completed a $32 million financing round led by Ibex Investors, with the participation of Lutetia Technology Partners and previous investors Lamaison Partners, Viola and Target Global. This latest investment will allow Blue dot to deliver its solutions to more North American and European customers as demand rises for digital tax compliance solutions, Trend reports with reference to Globes.
Blue dot's technology digitizes an expensive, complex and risky process, removing the burden from finance teams that currently devote enormous amounts of time and resources to processing reports from employees. The massive increase in employee-generated corporate receipts, coupled with the increasing volume of tax audits is requiring companies to deploy advanced technology to ensure compliance and streamline processes across multiple jurisdictions.
Blue dot cofounder and CEO Isaac Saft said, "Since our founding, we've enjoyed tremendous recognition and a high rate of adoption for our platform as part of a larger global tax compliance digitalization trend. SAP Concur chose Blue dot as its exclusive integrated Tax Assurance solution to be deployed for their client portfolio, after conducting an extremely thorough diligence process on our Platform and AI. We've secured funding from top US investors to drive the next phase of our growth strategy."
Blue dot has offices in Israel, the US, UK, France and Germany with a team helping many of the most well-known Fortune 1000 companies control spending and reduce compliance errors.