We’re excited to announce our investment in Blue J, the category-defining generative AI platform for tax research. Oak HC/FT is proud to co-lead the company’s $122 million Series D round alongside Sapphire Ventures. This round marks a significant milestone for Blue J, coming just seven months after its Series C. In that short window, Blue J has more than doubled its revenue and customer base, now serving over 2,500organizations across the U.S., Canada, and the U.K. That includes top accounting firms like KPMG, RSM, Crowe, and Larson Gross, underscoring Blue J’s emergence as the go-to platform for trusted, accurate, and immediate answers to the world’s most complex tax questions.
The global tax software market is estimated at $18-20 billion, with AI-enabled tax research representing a $2.5billion – and quickly growing – opportunity across accounting, legal, and corporate tax teams in North America and Europe. However, the industry has remained dominated by legacy research providers whose tools are often slow, clunky, and keyword-dependent. Practitioners face mounting pressure to work faster and smarter in an increasingly complex regulatory environment. It’s clear the next generation of tax research will be AI-native, and Blue J is already setting the standard.
Blue J has built a product that combines deep domain expertise, exclusive data sources, and advanced AI to deliver an unmatched user experience. Its platform allows tax professionals to query complex issues in natural language and receive instant, source-cited answers, replacing hours of manual research with just a few seconds of work. As one of OpenAI’s earliest enterprise collaborators, Blue J leverages early access to each new release to continuously improve accuracy, reduce costs, and expand functionality. The result is an enterprise-grade platform that’s both faster and smarter than incumbent tools, and one that continues to compound its advantages over time.
The system is trained on a robust library of authoritative tax law, and it learns continuously from millions of user queries each year. Over 70% of users log in weekly, and the frequency of usage is rising across all customer segments. With 10,000+ daily queries helping to improve its models, Blue J is advancing far faster than any other platform in the space.
Unlike traditional research tools, Blue J isn’t just a better interface, it’s a fundamentally more powerful way of thinking through complex tax issues. Customers are using the platform not just for research but for drafting client memos, improving and accelerating client communications, and evaluating alternative tax strategies. Its product roadmap includes APIs, the ability to incorporate firm-specific data, and expanding international coverage – further enhancing its value for large-scale enterprises and solo practitioners alike.
The company’s business fundamentals reflect this resonance with the market: two consecutive years of 3x+ ARR growth and more than 50% of ARR now tied to multi-year contracts. We strongly believe that Blue J has the foundation in place for durable, long-term expansion.
At the helm is co-founder and CEO Benjamin Alarie, a former Supreme Court clerk, Yale Law School graduate, and leading law professor who literally wrote the book on tax law in Canada. What began as a scholarly pursuit has evolved into a world-class software company, thanks to Ben’s unique mix of legal acumen and product vision. Over the past few years, he’s made the leap from academic to entrepreneur, assembling a seasoned executive team and attracting top-tier talent across engineering, marketing, and sales.
As Blue J continues to scale, its next chapter will focus on deepening its enterprise footprint, expanding internationally, and accelerating product development. We’re honored to partner with Ben and the Blue J team on that journey – and to support their mission to make tax research faster, smarter, and more reliable for professionals around the world.