Seattle based SMB tax filing software startup LumaTax has raised a $3m funding round led by Cowboy Ventures with participation from Greycroft and Vulcan Capital.
The 20-person company already partnered with Quickbooks to place its product on the Quickbooks App Store; now it is doing something similar with payments giant Square and its Square App Marketplace, giving LumaTax exposure to millions of new small businesses. Filing taxes may become more complicated for small e-commerce businesses, as the Supreme Court is looking over a potential law reversal that would force online retailers to collect sales taxes, regardless of where they have a physical presence. If that happened, Schulte said it would be “great” for LumaTax, given that many small businesses would need to figure out how to report sales tax for different states. But he added that the Supreme Court conversation should focus on how much a burden the government places on small businesses.