September 29, 2020

Enterprise startup Incentify raises $4.25 million

  • Tax management startup Incentify just raised $4.25 million in a funding round backed by consulting firm Ryan LLC.
  • The California-based firm helps clients understand the kinds of government tax credits and incentives they can use to save money – and says companies are currently missing out more than $1 trillion in savings.
  • Brint Ryan, founder and CEO of Ryan LLC, told Business Insider: “We invested because they wouldn’t sell us the whole company.”
  • Visit Business Insider’s homepage for more stories.

Incentify, an enterprise startup that helps businesses take advantage of tax incentive programs, just raised $4.25 million in fundraising round backed by consulting giant Ryan LLC. 

Founded in 2019, California-based Incentify provides clients with an easy-to-navigate platform, helping them to better understand the kinds of government tax credits and incentives they can use to save money.

The firm — which boasts big-name clients such as ViacomCBS and Tyson Foods — estimates US businesses cumulatively miss out on $1.4 trillion in such deductions each year.

The US government makes it possible for businesses to save money in all kinds of ways, for example rewarding firms with tax breaks because they create a certain number of local jobs, or because they fall into a particular industry, but they can be difficult to navigate. 

“Our system helps our clients do that extremely well,” CEO Laurence Sotsky told Business Insider. “We break down your workflow, and let you know step-by-step what you need to do to take advantage of these opportunities.”

With this fresh round of investment from Ryan LLC, as well as a string of angel investors, Sotsky said the firm would boost its headcount from 20 to 30 over the course of the coming year, and continue to scale in line with demand for its product. 

“We invested because they wouldn’t sell us the whole company,” said Brint Ryan, founder and CEO of Ryan LLC. “We’ve been in the credits and incentives business for a long time, but this is the first platform we’ve seen that we thought could truly make a difference to the way things are done.” 

Source Article