Dublin-headquartered tax automation platform Fonoa has raised $25 million (€22 million) in a funding round led by Index Ventures, which has previously backed the likes of Revolut, Deliveroo and fellow Irish company Evervault.
Other investors in the company include Omers Ventures and a number of well-known tech executives such as Eventbrite founder Kevin Hartz and former Uber chief financial officer Gautam Gupta.
Fonoa has developed an easy-to-use application protocol interface-focused automation tax platform that solves calculation and reporting needs for companies such as Lime, Uber and Zoom.
The company currently supports tax automation transactions across 100 countries and aims to expand this to more than 140 countries by the end of the year. Overall, it has surpassed some 300 million tax transactions per annum for clients.
Taxes
Fonoa was founded by three Uber alumni – Davor Tremac, Filip Sturman and Ivan Ivankovic – who established the company after experiencing first hand just how difficult it is to correctly calculate and report taxes to authorities throughout the world.
Though the company is headquartered in Dublin, Fonoa has what it calls a remote-first approach to business with a distributed team across 14 countries and plans to hire more staff across the United States, Europe, Asia and Latin America in the coming months.
“In the digital world, businesses and customers transact on a global scale. Country borders are no longer a limiting factor, and technology drives global trade at an ever-increasing speed. Combined with the increased scrutiny by regulators, dealing with tax matters in a more automated and trusted way has become an ever-more pressing issue.
“We built a one-stop solution that handles the complexities of tax globally, allowing digital businesses to focus on growing their core business,” said Mr Tremac.
