Toronto-based Blue J, an AI-powered tax research software provider, has secured a $122-million USD ($167.4-million CAD) Series D funding following rapid growth.
The round was led by Oak HC/FT and Sapphire Ventures, with participation from Intrepid Growth Partners, Ten Coves Capital, and CPA.com’s business subsidiary.
Blue J now serves over 2,500 organizations, up from 200 in 2021.
According to SEDAR filings, around $161 million CAD came from non-Canadian investors, while just under $6.4 million CAD was from Canadian investors. The Globe and Mail noted the company’s valuation at over $300 million USD ($413 million CAD).
The company cites significant growth in early 2025, doubling its revenue and customer base, and increasing its workforce to over 80 employees.
Lead investor Oak HC/FT highlighted Blue J’s expansion to over 2,500 organizations, including KPMG, RSM, Crowe, and Larson Gross. It noted two years of tripling annual recurring revenue (ARR) growth, with over 50% tied to multi-year contracts.
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Founded in 2015 by CEO Benjamin Alarie, CTO Brett Janssen, Anthony Niblett, and Albert Yoon, Blue J aims to enhance transparency and accessibility in tax law using OpenAI’s large language models. The platform addresses tax queries for the U.S., Canada, and the U.K. It previously raised $11.3 million in a Series B in 2021, having 65 employees and over 200 clients.
Blue J plans to use the funding to expand its team, advance product development, and extend its market reach. The Series D round occurred seven months after a Series C investment led by Ten Coves Capital in December 2024 for global expansion and AI enhancement. It reported an $8.3-million CAD investment outside Canada and a $1.4 million raise in January 2025.
Blue J became CPA.com’s preferred partner earlier this year, following a similar partnership with CPA Canada. Combined, these associations represent over 600,000 professional accountants across North America.
Feature image courtesy Stellrweb via Unsplash.