Coatue just led a $60 million round into Fonoa, a tax automation startup founded by ex-Uber employees, after seeing this 25-slide pitch deck
Summary
Fonoa has raised $60 million in a Series B round led by Coatue for its tax compliance platform. We got a look at the 25-slide pitch deck Fonoa used to raise the fresh funds.Fonoa, an Irish tax automation startup founded by three former Uber staffers, has raised $60 million in a round led by hedge fund Coatue.The Dublin-based firm, set up in 2019, helps companies understand and manage their tax obligations in different jurisdictions through an API. Insider reported in April that Fonoa was in talks to raise the Series B round.Tax rules and reporting requirements are overseen by authorities and can differ from country to country, making accurate compliance an often timely, costly, and difficult task to complete.Fonoa has developed an API that takes care of everything from validating tax ID numbers and determining the indirect tax treatment of global transactions to issuing locally compliant tax invoices and creating and submitting tax returns data to local governments.Davor Tremac, CEO and founder of Fonoa, said that businesses were increasingly looking to manage their indirect taxes at a time when countries are cracking down on issues like VAT gaps by bringing in new regulations. "Fonoa is the only tax software solution built for the digital age and means that companies can focus on what they do best while we make sure they charge the right amount of tax, in the right place, at the right time," Tremac said.Coatue, an investor in Tesla, Amazon, and Rivian, led the round with new funding coming from Dawn Capital, Index Ventures, OMERS Ventures, FJ Labs, and Moving Capital. "We have a complete focus on providing an end-to-end experience for tax managers, creating a one-stop-shop platform for managing tax obligations globally," said Filip Sturman, cofounder and chief product officer at Fonoa.To achieve its ambitions, the company said it would look to double in size by the end of the year as it seeks to hire people for engineering and sales roles.Check out the 25-slide pitch deck Fonoa used to raise the fresh funds below: