Taxdoo receives 17 million euros

The start-up Taxdoo has developed software to handle sales tax for online retailers. Now it has fresh money from investors.

Led by venture capitalist Accel, Hamburg-based startup Taxdoo has closed its Series A funding round. In total, the company, founded in 2016, thus receives 17 million euros. Also involved are Visionaries Club, 20VC and High-Tech-Gründerfonds, which was already an investor before. With the money, the start-up wants to further expand its developer and product team and push the internationalization of its platform.

Taxdoo had originally developed a software to automate the sales tax processing of online retailers. If they also deliver abroad, they have to pay sales tax there quickly. To do this, they have to submit documents every month, monitor their transactions and keep up to date with changes in the law. With its software, Taxdoo wants to relieve them of all these tasks.

The startup says it now has more than 1,000 customers and has expanded its original product: beyond sales tax reports, it says the processed data is also valuable for accounting or specific invoicing, among other things. "We have therefore strengthened our product portfolio in all directions and are consistently continuing on this path," writes Christian Königsheim, one of the founders, in the start-up's blog.