Taxdoo raises EUR 17 million in series A financing round
The Hamburg-based fintech Taxdoo has raised EUR 17 million (USD 21 million) in a Series A financing round led by the London-based venture capitalist Accel, a press release said Monday (December 14, 2020). Other investors include venture capitalists Visionaries Club, 20VC and the existing investor High-Tech Gründerfonds (HTGF). The fresh capital will go towards expanding in Taxdoo's compliance platform. E-commerce traders can handle legal issues such as sales tax and financial accounting on the platform . The company also plans to expand across Europe and triple its workforce to over 150 by late 2021.
Automated analogue processes
"Our goal is to contribute to smooth cross-border trade in Europe and beyond, so that companies can focus on their core business instead of bureaucracy. Online traders as well as other companies in the digital economy reduce their time and the costs of processing all VAT-relevant transactions significantly with Taxdoo. At the same time, they always have a clear overview of their data," said Dr Christian Königsheim, co-founder of Taxdoo. Around 1,000 e-commerce retailers in German-speaking countries already use the Software as a Service (SaaS) platform. The pan-European expansion comes amid booming online trade.
University of Hamburg spin-off
Founded in 2016 by Dr. Matthias Allmendinger, Dr. Roger Gothmann and Dr. Christian Königsheim, Taxdoo took part in the University of Hamburg's EXIST project which was funded by the German Ministry of Economics and Technology (BMWI). The company recently prevailed over KPMG and Siemens and won the Taxcellence Award 2020 presented by Handelsblatt Fachmedien GmbH for the best "Tax Technology Solution".