SAN FRANCISCO, March 06, 2024 (GLOBE NEWSWIRE) -- Lettuce announced the launch of a comprehensive solution that democratizes accounting and tax services for solopreneurs, $6 million in seed funding led by Zeev Ventures to fuel growth and product development, and its Solopreneur Accelerator program. Through the program, Lettuce will provide 1,000 solopreneurs with a free personalized business assessment to maximize their profits in 2024, and will also file their 2023 taxes on their behalf.
The number of people doing full-time independent work since 2020 has increased by 91%, and the number of solopreneurs making over $100,000 a year has increased by 53% during that same period (MBO). Despite this growth and their important role in fueling the economy, solopreneurs remain largely underserved, lacking the right information to guide them in their business's foundational structure and critical financial management tasks. As a result, solopreneurs making $100,000 or more are overpaying their taxes by approximately $15,000 or more per year.
“More people are choosing to work for themselves, yet they lack the time, tools, and information to make strategic decisions about the best tax and accounting options for their businesses,” said Ran Harpaz, founder and CEO of Lettuce Financial. “Our goal at Lettuce is to fully support solopreneurs with foundational financial guidance and to alleviate tax-related and accounting concerns so they can focus on growing their businesses and doing the work they love.”
Designed by solopreneurs for solopreneurs, Lettuce empowers businesses-of-one to navigate the tax system effectively and implement accounting strategies tailored to their business needs. Using the power of AI and automation, Lettuce:
- Offers proactive tax-saving suggestions and unlocks access to profitability typically available only to corporations through advanced corporate deductions, retirement savings, and tax-efficient business structures.
- Alleviates the inertia, uncertainty, and wasted time associated with tax-related and accounting concerns, ensuring solopreneurs avoid overpaying taxes and minimize their exposure to errors, audits, and compliance issues.
- Handles all aspects of a solopreneur's taxes and accounting, from LLC and S-Corp setup and managing IRS requirements to preparing annual tax forms.
- Streamlines the entire process with just a few clicks to eliminate the need for expensive accountants, labor-intensive and time-consuming manual tasks, and last-minute filing rushes.
"We’re always looking for new ways to help A.Teamers simplify their lives as independent builders so they can focus on what they love to do – build. Lettuce's platform was developed with builders from the A.Team network, and uniquely addresses the pain points of consultants and freelancers. We're excited to for Lettuce to help A.Teamers save time and be more profitable," said Raphael Ouzan, founder of A.Team.
Funding
In addition to launching their solution, Lettuce announced $6 million in funding led by Zeev Ventures. Numerous industry angel veterans also participated in the round. Funds will be used to accelerate growth, and product development, and to invest in further AI research.
“Ran and his team are an exceptional group of professionals who understand first-hand both the opportunities and challenges that solopreneurs face, and they have a proven track record of building businesses to scale,” said Oren Zeev, Founding Partner of Zeev Ventures. “I look forward to partnering with the Lettuce team as they continue to grow the company and leverage AI in their products to serve millions of solopreneurs around the globe.”
The Solopreneur Accelerator Program
Just in time for tax season, Lettuce unveiled its Solopreneur Accelerator program, offering the first 1,000 solopreneurs who join a tailored business assessment to enhance profitability in 2024. This assessment reviews their business structure, retirement planning, healthcare, expenses, tax analysis, and profit-boosting strategies.
Lettuce will provide a complimentary 2023 tax return for solopreneurs to use for filing or as a second opinion in comparison with their existing tax service. To participate, register by March 31 at https://lettuce.co/lettuce_solo?partner=Media.
About Lettuce
Developed by solopreneurs for solopreneurs, Lettuce Financial offers a comprehensive system that empowers solopreneurs to effectively navigate the tax system and implement strategies tailored to their business needs. Lettuce was seed-funded by Zeev Ventures and numerous industry veteran angels. For more information, visit https://lettuce.co/.
Contact
CommStrat for Lettuce, Lettuce@commstrat.com
