TECHNOLOGY

Irish ‘snelicorn’ Fonoa raises $60M for tax automation platform

With 110 employees in 20 countries, Dublin’s Fonoa expects to double in size by the end of the year.

Dublin-based start-up Fonoa has just raised $60 million in funding to expand its digital tax automation service.

Recently tipped as one of Ireland’s two ‘speed horns’or start-ups that have the potential to reach a unicorn valuation soon, Fonoa aims to revolutionize the way companies pay their taxes.

Founded in Dublin in 2019 by three Uber alumni, Davor Tremac, Filip Sturman and Ivan Ivankovic, Fonoa has developed a plug-and-play platform that enables customers to automate all relevant aspects to ensure tax compliance globally.

The Series B funding comes just a few months after Fonoa raised $25 million to grow his team and expand internationally.

The latest round was led by Coatue, a technology-focused investment manager based in New York. Dawn Capital, Index Ventures, OMERS Ventures, FJ Labs and Moving Capital were also backers in the latest round.

Tremac, who is the CEO of Fonoa, said the platform is helping a growing number of companies seeking to lower the costs of their operations and improve profitability. This coincides with an “increased demand” for tax compliance around the world.

“Fonoa is the only tax software solution built for the digital age and means businesses can focus on what they do best, while we make sure they charge the right amount of tax, in the right place, and at the right time. right moment.”

Some of the companies using the Fonoa platform to stay tax compliant include Uber, Zoom, Booking.com and Teachable.

Demand for the company’s services has increased since the onset of the pandemic and the ensuing e-commerce boom. According to statisticonline payments are expected to reach nearly $8.5 trillion by 2022.

“As more companies go global-first, tax compliance becomes increasingly important. However, managing, processing and reporting taxes is cumbersome and complex,” said Lucas Swisher, general partner at Coatue.

“From the moment we met Davor, Filip, Ivan and the rest of the Fonoa team, we were struck by the simplicity and effectiveness of the Fonoa platform in turning a complex process into a seamless one.”

Fonoa said it will use the funding to improve product features and continue its global expansion, with new products in the pipeline for the next 12 to 18 months.

The company, with 110 employees in 20 countries, expects to double in size by the end of the year.

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