American Tax and Accounting software provider dedicated to the digital currency ecosystem, TaxBit has completed its Series B funding round, raising a total of $130 million from Investors. According to the announcement from the firm, the round was led by IVP and Insight Partners with additional participation including Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, Madrona Venture Group, and Anthony Pompliano.
The business niche being developed by startups today have a massive impact on how much attention the project will command from investors. TaxBit develops software and digital infrastructure that helps both cryptocurrency users, as well as tax authorities to estimate the right amount of crypto-related tax to pay.
The Series B round came months after the firm revealed its Series A wherein it received a total of $100 million. For its consistent successes in attracting investors, TaxBit’s valuation has soared to $1.3 billion, placing the firm amongst the few crypto unicorns around today.
“We are living in a time where everything is going digital, including traditional assets,” said Austin Woodward, TaxBit CEO. “As we’ve built and deployed modern tax and accounting software tailored to digital assets, it’s become clear that legacy tax information reporting solutions are built on antiquated technology that provides a poor client experience. TaxBit is changing the game by providing clients and their users modern, real-time technology that affords visibility and tax optimization opportunities throughout the year.”
The demand for crypto taxation is high in demand amongst governments around the world. While TaxBit has secured the United States Internal Revenue Service (IRS) as a client, it is looking to expand into other global markets including the United Kingdom.
As a result, the firm said it will “use the funds to scale its multi-channel ecosystem of tax and accounting offerings across enterprise, consumer, and government sectors..”
Per the announcement, there is also an ongoing to increase its workforce by a factor of two before the end of the year. To push forth its expansionary drives, TaxBit will also use the funds to open new offices in the USA and UK to fuel international expansion.
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