Fono's global digital tax solutions help customers like Uber, Zoom, Booking and Spotify automate their tax obligations while operating in international markets.
The Fono startup of our alumni Ivan Ivanković and his colleagues Davor Tremac and Filip Šturman secured a $60 million investment in the B round of financing led by the VC fund Coatue, with the participation of investors Dawn Capital, Index Ventures, Omers Ventures, FJ Labs and Movig Capital.
This is Fono's second investment round in the last eight months, after they secured $20.5 million in a Series A round at the end of last year.
It is a global application that enables the automation of taxes for digital companies, for which Fonoa has become a key ally for planning rapid international expansions while complying with tax rules in the numerous countries in which they operate. Namely, using a simple API solution, Fonoa determines and calculates the exact amount of tax that the client needs to pay in real time, which results in the client's greater profitability while reducing operational costs and at the same time increasing compliance with tax rules. Therefore, this application is already used by technological giants such as Uber , Zoom , Booking , Spotify and many others.
Due to the strong increase in online shopping during the pandemic period, the demand for Fono's services grew significantly, so in 2021 they achieved a sevenfold increase in revenue.
This investment will therefore be used to improve functionality, but also to continue global expansion. In the next year, year and a half, they plan to introduce some new products, and in order to achieve all their plans, in the last 12 months they have fivefold increased the number of employees to 140 people, 35 different nationalities in 20 countries around the world. They plan to end this year with even more employees, with the primary hiring of engineers and sales associates, and new employees are coming from renowned companies such as Airbnb , Netflix , Meta , EY , Deloitte and PwC .
On the occasion of the "raising" of the new round of financing , Davor Tremac, CEO and co-founder, pointed out: "With the development of business, we have noticed that a large number of companies want to reduce their operating costs and increase efficiency in the area of managing indirect taxes. At the same time, we also see how countries around the world are adopting new regulations related to VAT, which leads to increased demand for tax compliance of companies. Fonoa provides the only tax software solution that is designed for use in the digital age and allows companies to focus on what they do best, while we take care of paying the correct amount of tax, in the right place, and at the right time. We are extremely pleased that Coatue and other investors have supported our vision and are aware of the huge opportunities that await us in this and the coming years."
Congratulations to our alumni and his team !
