Nullee Raises KRW 5B in Series B to Enhance SSEM Tax Filing Service and Expand
South Korean startup Nullee, which operates the individual business tax filing app “SSEM,” has completed a Series B funding round, raising KRW 5 billion.
This round saw participation from existing investors Smilegate Investment, WOORI Venture Partners, and KB Securities. With this latest funding, Nullee’s cumulative investment has reached KRW 12.7 billion. Nullee had previously secured Series A funding in December 2021, followed by a strategic investment from KakaoBank in December 2022.
Nullee plans to use the new funding to enhance the technology of the SSEM service, develop new business avenues, and cover marketing costs. Smilegate Investment, which led this round, stated, “We have decided to participate again, resonating with SSEM team’s tenacious problem-solving skills, the innovation they’ve brought to the tax market, and their vision.”
Launched in 2019, SSEM is a simple tax filing service that helps individual business owners easily complete their VAT, comprehensive income tax, and payroll filings at a low cost. By the end of 2023, the service had 800,000 customers and 210,000 accumulated filings, showing a steep growth of 202% and 116% year-on-year, respectively. Ahead of the regular comprehensive income tax filing period in May, Nullee aims to significantly upgrade its existing filing service and achieve greater performance compared to the previous year.
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