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In late 2022, Noah Pepper, a former Stripe business lead for the Asia Pacific region, founded Multiplier, a startup aimed at selling software to tax accountants. However, with the release of ChatGPT, Pepper realized that AI could revolutionize how professional service firms use technology. The startup acquired Citrine International Tax, a cross-border tax accounting services provider, and boosted its capabilities with AI tools. Multiplier, now known as Multiplier Holdings, raised $27.5 million in seed and Series A financing. The strategy of acquiring existing service businesses and enhancing them with AI is gaining popularity among VCs, with Lightspeed Venture Partners leading the funding round for Multiplier. The goal is to create an AI-powered competitor to the Big Four accounting firms by integrating AI into small service companies and customizing it to boost their businesses.
