fonoa making tax less taxing with $25m investment

fonoa has raised $25m in investment capital to help it expand its global tax solutions.

The capital was supplied by Index Ventures, OMERS Ventures, FJ Labs, Moving Capital, former Uber CFO Gautam Gupta, Eventbrite founder Kevin Hartz, Doordash CFO Prabir Adarkar, former GoCardless COO Carlos Gonzalez-Cadenas, Fast COO Allison Barr Allen and others.

fonoa was founded by Uber alumni Davor Tremac, Filip Sturman, Ivan Ivankovic, after they all had first-hand experience with how difficult it is to calculate and report taxes to authorities. With no suitable solution in the market, the trio decided to make it.

Its platform currently supports tax automation transactions across 100+ countries, with plans to up this to more than 140 by the end of the year. The $25m investment will support this international expansion effort and hiring drive.

The company is headquartered in Dublin and has staff dispersed across 14 countries. fonoa hopes to hire staff across the US, Europe, Asia and Latin America.

Tremac said, “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.”

fonoa’s technology helps digital companies, including marketplaces, digital service providers, micromobility operators, gig economy platforms and subscription-based companies stay tax compliant. The solution can verify tax status of a buyer and sell, calculate the correct tax charge, and build a compliant invoice.

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