Blue J, a Toronto AI tax research software provider, raised US$176 million in Series E funding. JMI Equity led the round. Existing investors Oak HC/FT, Sapphire Ventures, and Intrepid Growth Partners joined.
Funding details
The deal values Blue J at more than US$700 million. Nearly US$100 million will buy shares from employees and early investors. The company plans to use about US$80 million in proceeds to commercialize its agent product and expand in the UK.
Company growth
Blue J was founded in 2015 and serves tax accountants and tax lawyers. Its customer base has reached more than 6,500 firms. Annual recurring revenue now sits in the mid eight-figure range after 165% growth since the Series D round.
Product and pricing
Blue J's platform answers federal, state, and local tax questions in the United States, Canada, and the United Kingdom. Individual plans start at US$1,498 per year. The company is preparing agentic workflows that can draft memos and notices of assessment.
Blue J plans to open a UK office and expand internationally. It has doubled headcount over the past year and expects to exceed 200 employees by year-end. The company aims to build workflow tools for routine tax advisory tasks by the end of next year.
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