Fonoa, a Dublin-based tax automation platform used by companies such as Uber and Zoom, has raised $60 million in a Series B round of funding.
The round was led by Coatue, with participation from Dawn Capital, Index Ventures, Omers Ventures, FJ Labs, and Moving Capital.
Fonoa will use the funding to improve the features of our product and continue our global expansion. We will also launch new products in the next 12 to 18 months.
Company: Fonoa Technologies Ltd.
Raised: $60.0M
Funding Month: July 2022
Lead Investors: Coatue
Additional Investors: Dawn Capital, Index Ventures, Omers Ventures, FJ Labs, and Moving Capital
Company Website: https://www.fonoa.com/
Software Category: Tax automation platform
About the Company: Fonoa was founded by three Uber alumni - Davor Tremac, Filip Sturman, and Ivan Ivankovic - who experienced first-hand how difficult it is to correctly calculate and report taxes to authorities throughout the world. The existing crop of tax software solutions has not been built for the digital age and requires clients to bring on armies of implementation consultants on projects that could take many months to complete. Equally, software developers for these solutions don’t always understand how digital-first businesses operate around the world, meaning customers can’t quickly adapt a tool to their needs in specific countries. They built Fonoa from the ground up and developed a plug-and-play platform that allows customers to automate all relevant aspects to ensure tax compliance globally.
Source: https://techcrunch.com/2022/07/21/fonoa-raises-60m-to-automate-tax-compliance-and-calculations-for-global-companies-like-uber-and-zoom/
https://www.fonoa.com/about-us/fonoa-raised-series-b