Tax Startup Fonoa to Raise Around $50m From Coatue

ByValerie Winifred

Apr 25, 2022 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
  • Dublin-centered tax automation startup Fonoa is established to elevate fresh funding from investment business Coatue.
  • This is established to be Fonoa’s next funding spherical in six months. 
  • The corporation helps make it a lot easier for enterprises working globally to control their tax.

Irish tax automation startup Fonoa is established to increase refreshing funding from hedge fund Coatue, Insider understands. 

Founded in 2019, Fonoa will help global companies realize and control their tax obligations in distinct jurisdictions through its API. The Dublin-dependent organization was launched by 3 Croatian ex-Uber staff and will work with companies these as Lime, Uber, Teachable, GoStudent and


Coatue, the crossover trader that has backed European startups which include German neo-bank N26 and rapidly-delivery startup Gorillas, is established to lead Fonoa’s impending Series B funding round, two resources acquainted with the deal claimed.

The round is set to be $50 million and will give the 3-year-previous enterprise a $350 million pre-cash valuation, one particular London-centered supply common with the offer said. The deal is not finalized and the spherical sizing and valuation may possibly transform.

Fonoa declined to comment. 

The startup final lifted $20.5 million in Sequence A funding in November 2021 in a offer led by Index Ventures, together with Omers Ventures, FJ Labs, Transferring Money, and a bevy of angels which includes Carlos Gonzalez-Cadenas, lover at Index Ventures and previous COO of London fintech startup GoCardless. 

Fonoa’s platform aims to take out the have to have to manually input sales tax, VAT, and GST. It also integrates into shopper units to create invoices and give monetary reporting.

The organization hit 300 million tax transactions in 2021, in accordance to Techcrunch.

Fonoa is based mostly in the Irish funds but has workers across 15 nations with its board sitting in Croatia and was predicted to bring in all over 60 new staff with its final funding round.