Coatue backs tax software startup Fonoa with $60m

Fonoa, a Dublin-based startup that helps companies like Uber and Zoom with their tax compliance, has raised a $60m Series B round from some of the world’s most well-known investors, including Coatue, Index and Dawn Capital. The investment makes Fonoa one of Ireland’s best-funded tech firms.

Fonoa, set up by three ex-Uber employees, calls itself a one-stop-shop for corporate taxes: it automates taxation processes for e-commerce businesses with an API. Currently, businesses that operate across different countries have to deal with complicated and fragmented tax regulations. Fonoa’s platform determines and calculates the right amount of tax to pay, regardless of differing fiscal jurisdictions. 

The platform is used by companies such as Uber, Zoom, Booking.com and Teachable. 

The company is based in Ireland, but its employees are distributed across over 20 countries and its operations centre is in Croatia; the founders are also Croats. 

Who’s investing?

  • Coatue (new) 
  • Dawn Capital (new) 
  • Index Ventures (existing) 
  • OMERS Ventures (existing) 
  • FJ Labs (existing) 
  • Moving Capital (existing) 

The last four firms also participated in the company’s Series A — Fonoa raised $20.5m in November 2021. 

The company wants to use the funding to improve its existing offer and continue its global expansion. It also wants to launch new products in the next 12 to 18 months and tailor its platform to suit more business models and industries including SaaS, the gig economy and content creation. To achieve this, it eyes doubling in size by the end of the year with a focus on engineering and sales. 

A little progress each day adds up to big results. Congratulations to the entire team at Fonoa on your funding and all the best in your future endeavours.

Shishir Gupta, Founder and CEO, StartupLanes

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