We have advised Dawn Capital, Europe's largest specialist B2B software investor, on its investment in Fonoa, a Dublin-based digital tax automation platform, as part of its $60 million Series B funding round.
Fonoa's API-powered, modular solution helps fast-moving, large-volume online businesses automate all aspects of tax. From determining and calculating which taxes apply to transactions to generating locally compliant invoices and reporting to relevant authorities, the platform automates tasks that competitors still do manually, or not at all.
Fonoa has established itself as the go-to solution for marketplace, SaaS and digital content leaders, attracting category leaders like Uber, Zoom, Booking.com, Spotify, Teachable and Remote.com.
It will use the funding to improve product features and continue its global expansion, with new products in the pipeline for the next 12 to 18 months.
Commenting on this transaction, corporate partner Howard Palmer said: "As e-commerce continues to boom, Fonoa is making taxes simple and automated for online business, saving them time and allowing them to focus on their growth. We are pleased to have supported Dawn on this latest investment and look forward to seeing Fonoa continue its impressive global expansion."
The transaction was led by Howard Palmer with support from partner Sian Skelton and associates Jack Turner and Alex Walton in our London office, and partner Adam Griffiths and associate Ameer Gazder in our Dublin office.