Taxdoo, a Germany-based automated platform for financial compliance in e-commerce, announced earlier this week it raised $21 million through its Series A funding round, which was led by global venture capital firm Accel with participation from Visionaries Club, 20VC and existing investor HTGF.
Founded in 2016, Taxdoo claims it makes it easy for e-commerce businesses and accountants to handle VAT, manage financial accounting and ensure the fulfilment of compliance requirements.
“Taxdoo’s platform automates transaction-level data ingestion, tax calculation and filings across Europe, as well as the integration of financial and accounting information. Customers can also collaborate with their tax advisors through the platform and reduce other compliance burdens, including Intrastat filings. What used to take days of effort across error-prone spreadsheets and email is now automated and auditable.”
While sharing more details about the platform, Christian Königsheim, Co-Founder of Taxdoo, stated:
“Our goal is to contribute to seamless cross-border commerce in Europe and beyond, where companies are able to focus on their core business, not on bureaucracy. With Taxdoo, e-commerce sellers and other digital businesses significantly reduce their time and costs to handle all tax-compliant processes and achieve greater visibility of their data.”
Taxdoo went on to add that the investment round’s funding will go towards supporting the company’s growth through international expansion, increased hiring, R&D, sales, and customer support.