Taxdoo receives 17 million euros

The start-up Taxdoo has developed software to process VAT for online retailers. Now it has fresh money from investors.

Led by venture capitalist Accel, the Hamburg-based start-up Taxdoo has completed its Series A financing round. The company, which was founded in 2016, has received a total of 17 million euros. Visionaries Club, 20VC and High-Tech-Gründerfonds, which was already an investor, are also involved. The start-up intends to use the money to further expand its development and product team and drive forward the internationalization of its platform.

Taxdoo originally developed software to automate VAT processing for online retailers. If they also deliver abroad, they have to pay VAT there quickly. To do this, they have to submit documents every month, monitor their transactions and be informed about changes to the law. With its software, Taxdoo wants to relieve them of all these tasks.

According to the start-up, it now has more than 1,000 customers and has expanded its original product: in addition to VAT reports, 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 pursuing this path," writes Christian Königsheim, one of the founders, in the start-up's blog.