Taxdoo added €17 million in series A capital funding led by Accel

Taxdoo, a Hamburg, Germany-based SAAS developer of international VAT automation within online retail, announced that it completed a €17 million ($20.6M) series A capital investment round.

The money was raised from investors led by Accel and including participation from Visionaries Club, 20VC and existing investor HTGF. In conjunction with the funding, Accel’s Harry Nelis had joined its board.

Proceeds will support the company’s rapid growth through international expansion, increased hiring, R&D, sales and customer support.

Taxdoo, founded in 2016 by Matthias Allmendinger, Roger Gothmann and Christian Königsheim developed a SAAS solution for ecommerce operators, helping automate their international VAT obligations. The tool is an automated platform for financial compliance in e-commerce, helping businesses manage VAT, financial accounting and compliance requirements.