Subcity Secures Historic $10M Tax-Credit For Manufacturing Client - Among Top 25 Tax-Credits Ever Awarded in California
Los Angeles, Calif. - April 21, 2022 - Today Subcity (www.subcity.com), a free online platform that identifies and secures tax-credit and incentives for SMBs, announces that it secured access to $10M in tax-credits for Dr. Squatch, a California-based manufacturing client. This represents one of the top 25 largest tax-credits to ever be awarded in the state’s history.
Subcity provides manufacturers like Dr. Squatch a curated and personalized list of qualified incentives that can deliver thousands, if not millions, of dollars. The award comes just six months after a $3M funding round for Subcity led by Homebrew, BoxGroup, Slauson & Co, V1VC, The Fund, and IA Ventures.
“Subcity’s mission is to support the 98% of manufacturers that are overlooked and underserved by the current state of government incentives and tax credits,” said Alex White, CEO and co-founder, Subcity. “These financial programs are often so complex or hard to find that only the largest companies with high-powered accountants and consultants apply. Subcity’s game-changing online platform finds and applies for all available tax incentives. It's giving California-based manufacturers access to the same financial benefits as the country’s largest corporations.”
Subcity combines the expertise of successful repeat founder Alex White, economic development & incentives expert Gil Gonzales, and proven technologist Chris Clark. The founding team brings their collective knowledge of SaaS and government to develop a software platform that combines human expertise with algorithmic automation.
“The collective experience of the team at Subcity is unmatched in the industry and when it's combined with innovative automation software, it creates a solution that will help businesses across the country,” said Hunter Walk, Partner, Homebrew. “The procurement of up to $10M in tax-credits on behalf of one of their first clients demonstrates the platform’s advantage over expensive consultants and other online services that cost more and deliver less.”
Founded in 2013, Dr. Squatch employs nearly 300 individuals at their California locations of Rancho Dominguez and Marina Del Rey. As a community-oriented producer of natural personal care products, the company has donated nearly 2.3 million bars of soap through its partnerships with different organizations.
“The application process was overwhelming but Subcity made it simple. The $10M tax-credit they gave us access to will go directly into supporting our business operations,” said Tom Ramhorst, COO, Dr. Squatch. “Subcity is leveling the playing field and placing government dollars back into the hands of companies that represent the backbone of American economic growth.”
Subcity’s mission is to democratize access to capital and tax credits for America's small manufacturers. “We believe in entrepreneurship to close the wealth gap, but only if everyone has access to the tools necessary to compete,” said Austin Clements, Partner, LA-based Slauson & Co., and Subcity investor. ”We're not surprised at all by Subcity’s rapid success with supporting entrepreneurs and look forward to watching them put government dollars into the hands of more small businesses at scale."
For more information about Subcity, and to see what government incentives might be available to your company, please visit their website at: www.subcity.com.
Subcity, founded in 2021, is a free online platform that delivers personalized results for users to discover millions of dollars in tax credits and incentives available to businesses. By leveraging its founders’ years of expertise in government and SaaS, the innovative platform makes it easy to identify and apply for financial incentives.
Subcity easily integrates into existing accounting software and saves countless hours with instant alerts when new incentives/grants become available. Subcity ensures that businesses, no matter what size, receive every economic benefit possible. For more, visit www.subcity.com.