Blue J Secures Series C Investment from Ten Coves to Revolutionize AI-Powered Tax Research

TORONTO--(BUSINESS WIRE)--Blue J, a leading provider of generative AI-powered tax research to accounting and tax professionals, announced its Series C funding round led by Ten Coves Capital, a growth equity firm specializing in financial technology. The investment will accelerate Blue J’s mission to transform tax research by delivering instant, reliable answers that combine advanced AI technology with authoritative content from leading sources including Tax Notes, a widely respected publication of tax news, analysis, research and reference tools.

“In today's complex tax environment, professionals face mounting pressure to deliver accurate guidance with unprecedented speed,” said Benjamin Alarie, CEO of Blue J. “By combining advanced AI with trusted tax content, we’re transforming hours of manual research into minutes of focused analysis. This partnership with TenCoves will help us bring these capabilities to tax professionals worldwide, ensuring they can work with greater confidence and clarity.”

Blue J’s innovative platform stands apart through its unique integration of AI technology with comprehensive tax content, including Tax Notes, regulations, caselaw, administrative rulings, and expert commentary. Unlike traditional research tools that require tedious manual navigation of multiple sources, Blue J’s conversational interface instantly synthesizes complex information streams into clear, actionable insights that reflect the latest developments in tax law. This empowers users to not only conduct research more effectively, but also to leverage the platform’s capabilities for drafting memos, composing emails, and much more.

Following the launch of the latest version of Blue J’s tax research platform in August 2023, the company has amassed more than one thousand clients, including Big 4 accounting organizations, top 100 US CPA firms, and Fortune 100 companies.Usage metrics continue to grow in tandem – by the end of November 2024, Blue J was answering more than 100,000 tax research questions from users in the previous 30 days.

“We’ve had the privilege to get to know Ben and the team at Blue J for years, and we’re thrilled to embark on this next chapter of our work with companies selling to and through accounting firms, including Bill, Canopy and MarginEdge,” said Dan Kittredge, Managing Partner at Ten Coves Capital, who will join Blue J’s Board of Directors. “The platform provides significant workflow and productivity efficiencies for all types of end users. As the industry continues to demand better AI product capabilities, Blue J is well positioned to be the preferred partner and leading innovator.”

The Series C investment will accelerate Blue J’s global expansion while enhancing its AI capabilities to support tax professionals worldwide. As tax and regulatory complexity continues to increase, Blue J’s platform offers critical tools that improve accuracy and efficiency for legal, accounting, corporate, and government organizations.

About Blue J

Blue J is transforming tax research by combining advanced AI with authoritative tax content to deliver better tax answers instantly. The company’s intuitive platform seamlessly integrates trusted sources including Tax Notes with regulations, caselaw, and expert commentary, helping professionals navigate the ever-changing tax landscape with confidence. Leading organizations trust Blue J to streamline their research workflow and enhance decision-making accuracy. For more information, visit www.bluej.com.

About Ten Coves

Capital Ten Coves Capital backs high growth B2B software companies across the FinTech ecosystem where its capital, network, and decades of experience can help accelerate growth and value creation. Investing across payments, banking & lending, asset management, capital markets, and insurance & benefits (among other segments), the Ten Coves team has helped scale over 40 companies that are solving industry pain points, enabling workflows, and providing critical infrastructure to the largest financial institutions down to SMBs. For more information, visit https://www.tencoves.com

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