Local real estate accounting startup Segtax has successfully raised approximately $750,000 in funding, enhancing its team and expanding its operational capabilities. The funding round, which closed in November, involved several investors, including Michael Jarvis and his network of angel investors, the Virginia Innovation Partnership Corp, and ShockVentures based in Williamsburg.
Founded less than a year ago, Segtax specializes in automated cost segregation studies, which assist real estate professionals in calculating property depreciation. The company’s software eliminates the need for traditional manual assessments by civil engineers, utilizing technology such as 3D scans to streamline the process. This automation allows for more efficient service delivery at a cost ranging from $2,000 to $4,000 depending on the property type.
Looking ahead, co-founder Gregory DiNardo expressed intentions to explore additional real estate tax services. The company aims to deepen its involvement in the tax process throughout the various stages of property ownership, from acquisition to sale, thereby broadening its support for real estate owners.