Lettuce, an automated accounting and tax solution for solopreneurs, 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 comes on the heels of Lettuce’s launch and seed funding announcement in March and a major product release in June of LettuceHead AI, a free, first-of-its-kind AI-chat bot specialized to answer solopreneurs tax and accounting questions.
It is estimated that 50% of the workforce will be freelancing by 2027 (Statista) and since 2020, the number of professionals opting for full-time independent work has increased by 91% (MBO). In addition, according to MBO, the number of solopreneurs making over $100,000 a year has increased by 53% during that same period. Despite this growth, solopreneurs have historically been underserved. Founded, built, and funded by solopreneurs, Lettuce aims to help solopreneurs succeed financially by providing the tools they need to optimize their business taxes.
“Businesses run by solopreneurs represent more than $200 billion in unmanaged, unpredicted, and unoptimized taxes, and although they are key contributors to the economy, solopreneurs have little guidance on how to approach and manage their businesses accounting and taxes. We are democratizing the world of taxes and accounting for solopreneurs and aim to put at least $50 billion back into business growth by helping them navigate the tax system and implement accounting strategies tailored to their business needs,” said Ran Harpaz, founder and CEO of Lettuce Financial.
As this segment of the workforce continues to grow, so do communities and resources designed to better serve their needs. Since its launch, Lettuce has inked partnerships with industry leaders Upwork, the world’s work marketplace, connecting businesses with independent contractors, and NEXT Insurance, a leading digital insurer providing tailored policies and embedded insurance solutions for small business owners. It has also partnered with A.Team, The Female Quotient, Fractionals United, Entrepenista, and Freelancing Females, among others.
“Lettuce addresses a major problem and hurdle for solopreneurs. Their proven track record and positive response from this segment show a deep understanding of both the opportunities and challenges that solopreneurs face,” said Oren Zeev, Founding Partner of Zeev Ventures. “I believe in their vision and am confident that this investment will drive their next phase of growth, enabling Lettuce to better serve solopreneurs and strengthen their market position.”
“Women make up more than 50% of the exploding freelance and fractional workforce. This education and accounting automation Lettuce provides is critical to help keep all solopreneurs from unnecessarily overpaying their taxes,” said Amber Coleman-Mortley, Sr. Director of Community and Culture at The Female Quotient.
To learn more, visit https://lettuce.co/.