Fintechs

Taxdoo raises EUR 17 million in series A financing round

21 December 2020
Accel becomes lead investor - workforce to triple amid Europe-wide expansion

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". 
sb/pb

 

Sources and further information

Similar articles

About You aiming for ranks of Europe's biggest second-hand retailers

Hamburg-based start-up jumps on recommerce trend to prolong life cycle of clothes

"Futur 2 Festival" wins European Cultural Brand Award

Hanseatic festival based on self-sufficient energy sources wins over jury

EUR 25 million for HAWICC in HafenCity

German government funding smart city centre on mobility of future - emphasis on 5G, IoT

Hansebloc mapping logistics processes on blockchain

North German joint SME project completes after nearly three years
The Consent Management Platform (https://app.usercentrics.eu/) we use could not be loaded. This can happen if AdBlockers incorrectly block this URL. Some features such as maps, proximity search or forms, cannot be used this way. To use these features, please deactivate your AdBlocker or allow access to *.usercentrics.eu.