Hamburg's Taxdoo raises EUR 57 million
The Hamburg-based fintech Taxdoo has raised EUR 57 million in a Series B funding round. led by the US investment company Tiger Global. Existing investors including Accel, Visionaries Club and 20VC had take part, the start-up said. The funding round comes just 11 months after Taxdoo's Series A financing, which yielded EUR 17 million. The fresh capital will go towards international expansion and increasing the workforce,.
Taxdoo to double workforce and expand across Europe
"Our Series B funding enables us to move forward with our plans even faster and to expand our platform to additional customer groups and regions," said Christian Königsheim, CEO of Taxdoo, "Our diverse team - from 30 countries and with a balanced gender ratio of 50:50 - will double in the next year alone." Taxdoo offers an automated compliance platform for e-commerce that is designed to help online traders comply with tax and regulations. Various apps cover use cases such as sales tax, invoicing, accounting and payments. The fintech enables its customers to create their own automated processes and allows apps by external developers.
Business idea originated at University of Hamburg
During their doctoral studies in finance at the University of Hamburg, Taxdoo's founders, Dr Matthias Allmendinger, Dr Roger Gothmann and Königsheim, saw the potential for simplifying complex processes in e-commerce through automation. Taxdoo recently increased its workforce from 45 employees to around 200 in a year, Königsheim said in the company's blog.