New York City, NY, July 1st, 2024 – Vera, an AI back-office service, launches with a mission to reduce the administrative burden faced by America's SMBs. The new startup aims to level the playing field and create a new era of efficiency and entrepreneurial success in the age of AI.
The great American dream of business ownership is a shared goal for many. Under the Biden-Harris administration, new business applications surged over 90% faster than the pre-pandemic average, adding 18 million businesses to the U.S. Small businesses are the lifeblood of the American economy, accounting for nearly two-thirds of all new jobs created in the last decade and making up 99% of all businesses. But, despite their contribution, the high costs and complexities of doing business pose huge challenges, leading to many startups failing and SMBs struggling to succeed.
Among the most burdensome are administrative and regulatory obligations. The strain of finances, operations, and regulatory issues is felt deeply, with 18% of SMBs citing regulatory and legal challenges as primary reasons for their downfall. On average, SMBs spend over 120 working days per year on admin tasks and spend double per employee on regulatory obligations compared to larger companies. The 2024 regulatory activity aims to make life even harder for SMBs, and the upcoming U.S. Presidential election will have a significant impact on their burden.
"The hard fact is that it’s extremely difficult to succeed. If you’re lucky enough to still be in business after three years, you face even more challenges with growing obligations as your business scales. I’ve been on that journey, having founded multiple businesses. I know how distracting and expensive administrative and government obligations are, but not giving them full attention risks a higher price and troubles down the line," said Simon Holland, Vera Founder and CEO.
Vera will use advanced AI techniques, including autonomous agents, knowledge graph retrieval, and recommendation engines, to handle 95% of tasks typically managed by administrative and operations roles. These tasks include providing information to key parties such as accountants, filling out forms, renewing insurance and compiling reports. This will enable overstretched and under-resourced SMBs to focus on strategic growth and customer priorities.
“We’re using AI to create services at an accessible price for startups and SMBs because we want them to succeed. The U.S. is full of opportunities for entrepreneurs, but it’s also thick with red tape and roadblocks. With Vera, we aim to liberate businesses from the burden of administration by handling most of it for them—securely and at the lowest cost possible, thanks to AI,” added Holland.
The company launches its first service, offering businesses an accurate list of their government requirements in minutes. By integrating with existing back-office tools such as PEO, HRIS, and accounting systems, it compares up-to-date business data with over 200 government sources, providing an overview of all their requirements. Plus, automation to proactively manage them. The service also offers a Q&A tool, enabling businesses to ask questions, solve problems, and quickly access key company data.
"Thanks to Vera, our administrative workload has drastically reduced. Managing licenses and taxes is no longer a headache, and we have peace of mind knowing we’re meeting all government requirements ahead of time. We can now focus on activities that drive business growth." – Alex Marcus, Mento Co-founder.
"We hate the behind-the-scenes running of the business, but it has to be done. Delegating these tasks to experts at a fraction of the cost of hiring another operations person is truly a game-changer for us. We're delighted to be one of the first customers of Vera." – Issac, Pogo Ops & Strategy.
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Vera recently raised $1.5 million in pre-seed funding, led by Village Global, with participation from Seedcamp, Anamcara, Foreword, Visionary Ventures, and angel investors.
Anne Dwane from Village Global commented, "At Village Global, we back visionary entrepreneurs solving major pain points with innovative technologies. Vera’s AI-driven approach to automating back-office tasks directly unlocks growth for SMBs."
Carlos Espinal, Managing Partner of Seedcamp, added, "We are delighted to partner with Vera and support their mission of empowering SMBs across the U.S. to focus on their core business rather than tedious administrative work. Simon's experience as a multi-time founder, paired with a strong vision and proprietary technology, is the kind of bold, innovative play we get excited about."
The funds will be used to further develop their technology and onboard small businesses across America. The company invites them to sign up for early access to the first service: Government Obligations.
Vera is an AI back-office service for startups and SMBs that handles business obligations like a top-tier admin and ops manager. By leveraging advanced AI and machine learning technologies, Vera aims to automate 95% of the Admin and Ops role, allowing businesses to focus on growth. To learn more about Vera and to sign up for early access, please visit www.hirevera.com