Tax Automation Firm Fonoa Secures $25m in Funding Round

Fazzaco learned that Fonoa, a global tax automation platform provider, has secured $25 million in the funding round with participation from Index Ventures, Omers Ventures, FJ Labs and Moving Capital.

Angel investors including Gautam Gupta (ex-COO and CFO at Opendoor and Uber), Kevin Hartz (founder at Eventbrite), Prabir Adarkar (CFO at Doordash), Carlos Gonzalez-Cadenas (former COO at GoCardless) and Allison Barr Allen (COO at Fast) also participated in this funding round.

Fonoa intends to use the funding to fuel the international expansion and hiring across all areas of the business. 

Fonoa lists Lime, Uber, Teachable, GoStudent and Zoom among the customers for its API-based global tax calculation and reporting platform. It claims to have surpassed 300 million tax transactions per year.

Fonoa's target market includes marketplaces, digital service providers, micromobility operators, gig economy platforms and subscription-based companies.

Its modular platform integrates into customer workflows to handle the full chain of tax reporting. It verifies the tax status of the buyer and seller, calculates the correct tax to charge, and creates a locally compliant invoice after a transaction takes place. It also allows for automatic, real-time reporting of transactions to a country's government where required.

About Fonoa

Fonoa was founded by three Uber alumni – Davor Tremac, Filip Sturman, Ivan Ivankovic – and now claims to support tax automation transactions across more than 100 countries, with the aim to support over 140 countries by the end of the year. It is based in Dublin but has a remote-first business model, reflected in a distributed team across 14 countries.