Fonoa raised $25 million in funding from Index Ventures, OMERS Ventures and angel investors

Fonoa, a Dublin, Ireland-based software startup developing an API-based tool for automating taxes for high-volume internet marketplaces and merchants, announced the completion of a $25 million equity fundraising deal.

The money was raised from investors including Index Ventures, OMERS Ventures, FJ Labs, Moving Capital, Gautam Gupta (former COO and CFO at Opendoor and Uber), Kevin Hartz (founder at Eventbrite), Prabir Adarkar (CFO at Doordash), Carlos Gonzalez-Cadenas (former COO at GoCardless) and Allison Barr Allen (COO at Fast).

Fonoa, founded in 2019 by CEO Davor Tremac, Filip Sturman and Ivan Ivankovic (all three ex-Uber), developed a plug-and-play modular platform that helps businesses determine and calculate the right amount of tax. This is done by providing a simple API solution that integrates into the workflow of the customers to help handle the full chain of tax reporting. The platform verifies the tax status of the buyer and seller, calculates the correct tax to charge and creates a locally compliant invoice after a transaction takes place.

Fonoa says it currently supports tax automation transactions across 100+ countries, and paying customers include Lime, GoStudent, Teachable, Uber and Zoom.