July 28, 2014

Cover Story

CEO of the Year

Utah’s business landscape is rich with professionals who have le...Read More

Featured Articles

Did you go Skiing this winter?

Around Utah

Sections

Spotlight
Martin Plaehn

Spotlight
Karen Sendelback

Legal Briefs
Social Media and Employers: Friends or Enemies?

Money Talk
The Case for HSAs

Economic Insight
Time to Show Up

Lessons Learned
Make a Move

TechKnowledge
In the Lab

EntrepreneurEdge
Rent to Own

Business Trends
Back from the Dead

Executive Living
Artful Inspiration

Features
A Breath of Fresh Air

Features
Worst-Case Scenario

Regional Report
Northern Utah

Focus
Measure Up

Industry Outlook
Travel & Tourism

Players
Players

Article

Beanstalk Raises $2 Million in VC Funding

Press Release

July 28, 2014

Salt Lake City – Beanstalk, an online SaaS-based tax platform for small-to-medium sized businesses and their advisors, raised $2 million in seed funding led by venture capital firm New Enterprise Associates (NEA), with participation from EPIC Ventures, Deep Fork Capital, and former Wall Street executive and investor Jim Engebretsen. Beanstalk will use the funds to continue building its core tax technology and fund its substantial growth in 2014 and beyond.

Beanstalk is a platform that provides secure document storage, date tracking, and note and discussion archives. Founder and CEO Kurt Avarell, a former tax, experienced first-hand the problems with complicated and less effective tax software options.

"Beanstalk is about making taxes really simple for small business owners and their advisors," said Avarell. "We are fundamentally rethinking how taxes work and how small businesses interact with their tax advisors."

Beanstalk targets a massive market that is currently filled with inefficiencies. Nearly 23 million small business owners across the United States spend as much as three weeks each year preparing, managing, and paying federal and state taxes. This is a costly tax burden in both time and expense for small business owners -- who would prefer to spend less time managing their taxes and more time building their business.

“Small business tax prep is a $6 billion market that is eager for disruption,” said Chetan Puttagunta, partner at NEA. “Beanstalk provides an extensive aggregate of tools for client management that benefit both tax pros and small business owners.”

Utah Business Social
UB Events View All
Best Companies to Work For 2014Utah Business Event
Dec 11, 2014
Utah Business magazine along with our presenting sponsor- CBIZ, premier sponsor- Diversified Insu...
SAMY Awards 2015Utah Business Event
Jan 23, 2015
Utah Business magazine along with Presenting Sponsor Griffin Hill are pleased to present the 201...
Forty Under 40 - 2015Utah Business Event
Feb 26, 2015
Utah Business Magazine along with Presenting Sponsors: Kirton McConkie, BIG-D Construction and Ma...
Community Events View All
Dancing in the South
Nov 22, 2014
This active participant-focused workshop provides movers and shakers in the metaphysical communit...
Light Up The Night Festival
Nov 22, 2014
Join The Gateway as we welcome the holiday season with the Annual Light Up the Night Festival on ...

info@utahbusiness.com  |  90 South 400 West, Ste 650 Salt Lake City, Utah 84101   |  (801) 568-0114

Advertise with Utah Business

Submit an Event

* indicates required information
* Event Name:
Price (general):
Website (if applicable):
Coordinator's Name:
Coordinator's Email:
Coordinator's Phone:
Venue Name:
Venue Address:
Venue City:
Venue Zip:
Event Capacity:
Date(s):
to
* Event Description:
  Cancel