Home Funding Boast.ai bags $30 million CAD in Series A funding

Boast.ai bags $30 million CAD in Series A funding

Canadian Startup

Boast.ai bags $30 million CAD in Series A funding
Boast.ai bags $30 million CAD in Series A funding
Vancouver-based software startup Boast.ai has bagged $30 million CAD in a Series A funding round held in December 2020 from growth equity firm Radian Capital.
Proceeds from the funding round will be used by the startup to increase the headcount of its team, which has around 35 employees that are remotely based across Canada, the US, and Europe. It plans to increase its number of employees to more than 70 over the next year, with a focus on developing sales and marketing.

Founded in 2011 by Alex Popa and Lloyed Lobo, Boast.ai provides a software platform that automates the process for recovering R&D taxes from the US and Canadian governments. Its platform is driven by accountants and engineers who along with the help of artificial intelligence, offer recovery of tax programs such as US R&D Tax Credits, Scientific Research and Experimental Development (SR&ED), and Interactive Digital Media Tax Credits (IDMTC). The latest $30 million CAD funding represents the first official financing for Boast.ai, which had been bootstrapped since its inception and yet earned over “eight-figures in revenue.”

Since its foundation, Boast.ai has apparently increased its growth year-over-year by 2 times and amassed over 1K customers. It simplifies the process of tracking the mandatory details for R&D tax credits claims that are due by the end of every tax season, for its clients. The startup has reportedly helped numerous companies secure more than $200 million CAD in the above-mentioned tax credits and claims to have 100% recovery rates in the US and more than 98% in Canada.

Alex Popa said R&D is the engine of the modern economy, and pioneering companies should be able to access the tax credits they’re eligible for. Furthermore, he added that Boast.ai empowers companies, from startups to large businesses to calculate the value of their R&D efforts, then utilizes that asset through an effective R&D tax credit application which permits them to grow their business without redundant outside capital.

Boast.ai now intends to achieve its goal of 5K customers and is exploring new ways to reach them. The startup has commenced working with network partners, such as accounting firms, that leverage Boast.ai’s software to deliver R&D tax credits to their own customers. Co-founder Lloyed Lobo reported that they are planning to develop this facet of Boast.ai’s business as well. The startup is also working to expand its product offerings. Apart from its automated platform, the startup offers an R&D line of credit to its clients through which it estimates a client’s ongoing R&D needs and provides direct funding for those costs.

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Aishwarya writes about the startup ecosystem on VCBay. She is a third-year Computer Science engineering student who looks forward to exploring the world of startups and finance.

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