Congratulations – our alumni and their colleagues have secured $20.5 million in investment for Fonou

VERN alumni Ivan Ivanković and his former Uber colleagues Davor Tremac and Filip Šturman have secured $20.5 million in Series A funding for the global development of their startup Fonoa .

The guys collected the initial investment of 4.5 million dollars back in November of last year, and the new confidence of investors proves that Fonoa has great market potential.

Namely, Fonoa is a global provider of tax automation services for digital companies such as Lime, Uber, Teachable, GoStudent or Zoom, and this product has become their key ally for planning rapid international expansions while complying with tax obligations in the countries in which they operate.

The solution that this trio offered to the market is not really surprising. As part of Uber's management in Croatia, they experienced firsthand how demanding it is to correctly calculate taxes and report transactions to tax authorities around the world. Realizing that there is no simple and comprehensive solution on the global market, they decided to use their knowledge and help other digital companies in similar situations.

Therefore, this product enables companies to remain tax compliant, helping them to make expensive and complicated processes automatic and simpler.

"In the digital world, companies are reaching out to customers on a global scale. National borders are no longer a limiting factor, a process that has accelerated the development of technology at an unprecedented pace. In this context, increased supervision by tax regulators, as well as managing tax obligations in an automated and reliable manner, is becoming an increasingly urgent issue. We have built a platform that solves the complexity of taxes on a global scale, allowing digital companies to focus on developing their business, without worrying about taxes," said Davor Tremac , CEO and founder.

Fonoa currently enables the automation of tax transactions in more than 100 countries around the world , with the ambition to increase that number to 140 countries by the end of this year. The new investment will help them in this, since they will use it for international expansion and the employment of professional staff in all spheres of business. Interestingly, although the company's headquarters are in Dublin, Fonoa encourages a "remote-first" approach to work and therefore employs experts in more than 14 countries , and currently has around 60 employees .