Tax compliance software Fonoa closes Series B

Fonoa, which helps automate tax processes, has closed its Series B funding round as it looks to expand its global tax solutions.

Coatue serves as the lead investor, with contributions also coming from Dawn Capital, Index Ventures, OMERS Ventures, FJ Labs and Moving Capital.

With the capital, Fonoa plans to improve the features of its product and bolster its global expansion efforts. It is looking to launch new products over the next 12 to 18 months.

As part of this expansion drive, Fonoa plans to increase its headcount by five-times in the last 12 months to 110 employees across 20 countries and 35 nationalities.

The company has experienced a strong period of growth, including a seven-times revenue rise in 2021.

Fonoa was founded by three Uber alumni – Davor Tremac, Filip Sturman, Ivan Ivankovic who had first-hand experience on how difficult it is to correctly calculate and report taxes to authorities across the world.

The company claims that existing tax software solutions are not designed for the modern world and require armies of implementation consultants on projects that could take many months to complete. Fonoa was created as a plug-and-play platform that allows customers to automate all relevant aspects to ensure compliance globally.

It claims Fonoa is the first digital tax solution with global coverage. Its API solution can determine and calculate the right amount of tax a business should pay in the right place. Its clients include Uber, Zoom, Booking.com, Spotify, Teachable and Remote.com.

This funding round comes just six months after Fonoa closed its Series A round on $20m.

Fellow tax platform April recently collected $30m in its Series A funding round earlier this month. The company helps FinTechs perform tax calculations throughout the year, as data emerges.

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