Dublin-based tax automation group Fonoa raises $60m for expansion

Fonoa, a tax automation platform founded in Dublin three years ago and used by companies such as Uber and Zoom, has raised $60 million in a series B round of funding.

Investors in the funding round led by Coatue included Dawn Capital, Index Ventures, OMERS Ventures, FJ Labs, and Moving Capital. The funding comes just six months after a $20 million Series A round.

Using an API solution, Fonoa says its automated process determines and calculates the right amount of tax a digital business should pay.

Fonoa was founded by three Uber alumni — Davor Tremac, Filip Sturman and Ivan Ivankovic — who say they experienced first-hand how difficult it is to correctly calculate and report taxes to authorities throughout the world.

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The company said demand for its products saw the company experience seven times revenue growth across 2021, as the pandemic prompted a shift in ecommerce shopping habits.

Fonoa said it would use the funding to improve the features of its product and continue its global expansion. It will look to launch new products in the next 12-18 months while also doubling the size of its workforce, from its current 110 employees across 20 countries.

Commenting on the new funding, Davor Tremac, chief executive and founder of Fonoa, said: “We’re delighted that Coatue and our other investors have backed our vision and can see the great opportunities that lie ahead of us in 2022 and beyond.”

Hannah Seal, a partner at Index Ventures said: “Dealing with taxes is a bureaucratic maze for companies operating in a single country, let alone building an international business with customers around the world. Fonoa makes it straightforward.”