Collective Extends All-in-One Financial Solution for Solopreneurs to All 50 States
As membership applications surge to over 80,000, Collective adds support for 40 new states in 2022 to service demand
SAN FRANCISCO, Dec. 14, 2022 (GLOBE NEWSWIRE) — Collective, the first all-in-one online back office platform designed for self-employed people, announced today that it is now available in all 50 states. The company, which provides the key company formation, tax, accounting and bookkeeping services required by businesses-of-one, made headlines in 2021 when it announced its Series A funding from notable investors including General Catalyst, Sound Ventures (the venture capital fund founded by Ashton Kutcher and Guy Oseary), Steve Chen (founder, YouTube), Kevin Lin (founder, Twitch), Sam Yam (founder, Patreon), and Edward Hartman (founder, LegalZoom), among others. Since the funding round, the company has rapidly added support for businesses-of-one in 40 new states, reaching national availability and almost tripling its revenue.
The growth of solopreneurship is accelerating exponentially, catalyzed by new opportunities and generational changes in work culture. The gig economy has expanded as a result of Covid-19 restrictions and layoffs pushing people to shift to freelance, through social media platform monetization, and because of movements like the Great Resignation. According to a Zippia report, 36% of the US workforce now participates in freelance work, a number that is projected to grow to over 50% by 2027.
“Demand is at an all-time high from businesses-of-one looking to streamline their finances, maximize profits, and to save precious time,” said Hooman Radfar, CEO and co-founder of Collective. “Every day, more and more people wake up and choose to chase their dreams of being their own boss. We built Collective to help them realize those dreams and deliver peace of mind, that pays.”
Collective is designed to give self-employed people the technology, team and community they need to focus on their passion, not their paperwork. Collective supports its members by working with them to set up their S Corp, payroll, business taxes, and an always-available personal dashboard to manage business finances. Each member has a personalized team including a tax expert, accounting pro, bookkeeper, and member relationship manager.
Because the company steps in for solopreneurs to manage their taxes, each state expansion requires that the company completes new compliance and legal processes. The company will now immediately begin to serve the thousands of solopreneurs that have pre-enrolled in new states served by Collective including New York, New Jersey, Massachusetts, North Carolina, Maryland, Ohio, and Nevada, among others. New York and New Jersey have the greatest demand, as one-third of New York’s workforce was freelancing even before the pandemic. The largest and fastest growing sectors for Collective members include software developers, marketing and sales, coaching and consulting (finance, nutrition, life), creative (design, photography, videography), and content creation (influencers, podcasts).
To learn more or schedule a call with Collective’s member support team, visit collective.com.
About Collective
Collective is the first online back office platform designed for businesses-of-one. Collective’s technology and team of trusted advisors gives their members the freedom to focus on what matters by taking care of everything from business incorporation to accounting, bookkeeping, tax services and access to a thriving community – all in one platform. Collective wants running your own business to be as seamless as taking a full-time job. The company is run by a group of serial entrepreneurs and businesses-of-one who believe in empowering self-employed people to enjoy the same tax savings that big companies get. They’re a San Francisco-based startup backed by General Catalyst, QED, Google’s Gradient Ventures, Expa and prominent investors who have financed and built iconic companies like YouTube, Substack, Twitch, Box, Hims, Instacart, Lyft, and more.
Website: https://www.collective.com/
Contact
Kristina Leal
Firebrand Communications for Collective
[email protected]
415-848-9175
