KPMG, the global tax, audit and advisory firm, has taken a minority interest in LumaTax, the startup that spun out of Seattle’s Pioneer Square Labs four years ago with its technology for reimagining sales tax compliance and audits.
- KPMG joins the $2 million funding round alongside existing LumaTax investors Madrona Venture Group, Cowboy Ventures, Greycroft and Vulcan Capital.
- “We are excited to have a global brand like KPMG join as an investor and partner,” said LumaTax founder and CEO Robert Schulte on Wednesday. “LumaTax sees an amazing opportunity to serve the mid-market CPA firms that provide advisory services to companies between $5 million to $50 million in revenue. We believe that bringing our innovation to the CPA community will benefit them and their clients.”
- Schulte referenced the 2018 Supreme Court ruling in South Dakota v. Wayfair Inc., and said that businesses of all sizes are scrambling to comply with complex sales and use tax laws across the nation. LumaTax, headquartered in San Diego, makes it possible “for CPA firms to power their sales and use tax practice at scale,” Schulte said.