TaxDown raised €5.5 million in a funding round backed by Base10 Partners and JME Ventures.

TaxDown, a Madrid, Spain-based startup operating a software platform making it easy for people to do tax administration and management, completed a new funding round closed at €5.5 million ($6M).

The money was raised from investors including US-based VC Base10 Partners and the Spanish fund JME Ventures, joined by angel investors Kartik Raghavan and Jeff Reynar.

The new partners will control about 20% of the company. They join other large financial partners already present in the capital such as Baldomero Falcones (former president of FCC and Mastercard); the founders of the startup Jobandtalent, Juan Urdiales and Felipe Navío; the FJ Labs and Abac Nest funds; or the investor James Argalas. Investors who were already part of the shareholding concentrate 15% of the capital, and the three co-founders and the company's team hold the remaining 65%.

Proceeds will be used for internationalization, with Latin America as a priority objective.

TaxDown, founded in 2018 by Enrique García Moreno (CEO), Álvaro Falcones and Joaquín Fernández, developed a digital tool for tax advice and management, facilitating the understanding of tax rights and obligations, as well as a professional analysis of the taxpayer's tax situation. It does that by building smart software on top of an API provided by the Spanishh tax authorities, and which knows how to interpret users personal and financial data thusly providing guidance throughout the tax management process.

TaxDown previously raised almost $4 million, with a 2021 $2.9 million round from FJ Labs, Abac Nest and angels from Spain James Argalas, Baldomero Falcones, Juan Urdiales and Felipe Navío and a 2020 $755k round.