The announcement of funding and partnerships with industry leaders UpWork and NEXT Insurance comes less than six months after the launch
SAN FRANCISCO, Aug. 21, 2024 (GLOBE NEWSWIRE) — Lettucethe automated accounting and tax solution for solopreneurs, announced that it has closed a $15 million Series A funding round led by Zeev Ventures. The funding will fuel accelerated growth, innovation and product development. The news follows Lettuce’s launch and seed funding announcement in March and a major product release in June. LettuceHead AIa free, one-of-a-kind AI chat bot specialized in answering solopreneurs’ tax and accounting questions.
It is estimated that 50% of the workforce will be working freelance by 2027 (Statista) and since 2020, the number of professionals opting for full-time self-employment has increased by 91% (MBO). Additionally, according to MBO, the number of solopreneurs earning over $100,000 per year has increased by 53% over the same period. Despite this growth, solopreneurs have historically been underserved. Founded, built, and funded by solopreneurs, Lettuce aims to help solopreneurs achieve financial success by providing them with the tools they need to optimize their business taxes.
“Businesses run by sole traders represent over $200 billion in unmanaged, unanticipated and unoptimized taxes, and despite being key contributors to the economy, sole traders have little guidance on how to approach and manage their business’s accounting and taxes. We are democratizing the world of taxes and accounting for sole traders and aim to put at least $50 billion back into business growth by helping them navigate the tax system and implement accounting strategies that fit their business needs,” said Ran Harpaz, Founder and CEO of Lettuce Financial.
As this segment of the workforce continues to grow, so do the communities and resources designed to better meet their needs. Since its launch, Lettuce has partnered with industry leaders Upwork, the global labor marketplace that connects businesses with independent contractors, and NEXT Insurance, a leading digital insurer offering tailored policies and services. integrated insurance solutions for small business owners. She has also partnered with A.Team, The Female Quotient, Fractionals United, Entrepenista, and Freelancing Females, among others.
“Lettuce is addressing a major pain point and barrier for solopreneurs. Their proven track record and positive response from this segment demonstrate a deep understanding of the opportunities and challenges solopreneurs face,” said Oren Zeev, Founding Partner of Zeev Ventures. “I believe in their vision and am confident that this investment will fuel their next phase of growth, enabling Lettuce to better serve solopreneurs and strengthen its position in the market.”
“Women make up over 50% of the growing freelance and freelance workforce. Lettuce’s automation of training and accounting is critical to preventing all solopreneurs from paying unnecessary overtaxation,” said Amber Coleman-Mortley, Senior Director of Community and Culture at The Female Quotient.
To learn more, visit https://lettuce.co/.
About Lettuce
Developed by sole traders for sole traders, Lettuce Financial offers a comprehensive system that enables sole traders to efficiently navigate the tax system and implement strategies tailored to their business needs. Lettuce was funded by Zeev Ventures and many industry veteran business angels. For more information, visit https://lettuce.co/.
Contact
CommStrat for lettuce, Lettuce@commstrat.com