New unicorn TaxBit secures $130m via Insight Partners-led Series B

Tax and accounting and automation company TaxBit has reeled in $130m from a Series B round, passing the $1bn valuation landmark in the process.

The funding round was led by IVP and Insight Partners and also saw participation from Tiger Global, 9Yards Capital, Madrona Venture Group, Sapphire Ventures, Anthony Pompliano and Paradigm. After the raise, TaxBit now has a $1.33bn total valuation.

The financing will also see IVP general partner Tom Loverro join the TaxBit board with Ajay Vashee and Nikhil Sachdev – a fellow IVP general partner and Insight Partners managing partner respectively – also joining as board observers.

Founded in 2018, Utah-based TaxBit provides its customer with solutions such as core accounting suite, customer management suite and form issuance.

The company claims its TaxBit Consumer service makes filing taxes of digital asset investments more simple and equips them with real-time insights. The firm has locations in Draper, Utah and Seattle, Washington.

According to TaxBit, it will use the newly raised funds to grow its multi-channel ecosystem of tax and accounting offerings across consumer, enterprise and government sectors and will also double its employee base by the end of the year. It also intends to open new offices in the UK and the US to speed up global expansion.

Earlier this year, TaxBit raised $100m in a Series A funding round led by Paradigm and Tiger Global.

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