Tax Automation Firm Fonoa Secures $60 Million in Series B Funding Round

Fonoa, a global tax automation platform provider, has raised $60 million to expand its global tax solutions. Investors in the Series B funding round led by Coatue include Dawn Capital, Index Ventures, OMERS Ventures, FJ Labs, Moving Capital.

The funding, which comes just six months after a $20m Series A round, underlines the success Fonoa has had in transforming the way digital companies including Uber, Zoom, Booking.com, Spotify, Teachable and Remote.com stay tax compliant.

Fonoa will use the funding to improve the features of their product and continue their global expansion. The company will also launch new products in the next 12 to 18 months.

Davor Tremac,CEO and co-founder at Fonoa said:"As we've grown as a business we've seen a number of companies wishing to reduce the cost of their operations and improve profitability when it comes to managing their indirect taxes. At the same time, we've seen countries across the globe try to close their VAT gaps through new regulations and so there has been heightened demand for companies to increase their compliance."

"Fonoa is the only tax software solution built for the digital age and means that companies can focus on what they do best while we make sure they charge the right amount of tax, in the right place, at the right time. We're delighted that Coatue and our other investors have backed our vision and can see the great opportunities that lie ahead of us in 2022 and beyond."