Fonoa is a technology company.
Fonoa is a trusted tax automation platform for the digital economy, enabling companies to stay compliant with real-time tax calculations, reporting, and invoicing globally.
Fonoa has raised $86.0M across 3 funding rounds.
Key people at Fonoa.
Fonoa has raised $86.0M in total across 3 funding rounds.
Key people at Fonoa.
Fonoa is a technology company that builds a global tax automation platform designed to simplify and streamline tax compliance for digital-first businesses, marketplaces, SaaS providers, and digital content creators operating across multiple jurisdictions. Their product automates complex tax workflows including real-time tax calculations, tax ID validation, e-invoicing, transaction reporting, and VAT/GST return filing in over 190 countries and U.S. states. This enables businesses to scale internationally without being hindered by the complexity and fast-changing nature of global tax regulations. Fonoa serves large enterprises such as Uber, Dell, Netflix, and Zoom, processing over 500 million transactions annually and powering e-invoicing for more than 1 million sellers on leading marketplaces[1][2][3][4].
Founded in 2019 by three Uber alumni—Davor Tremac, Filip Sturman, and Ivan Ivankovic—Fonoa emerged from their firsthand experience at Uber, where they recognized that manual tax compliance processes were a major barrier to rapid global scaling. They saw the need for a fully automated, always up-to-date tax compliance platform that could handle the complexity of cross-border tax rules in real time. This insight led them to assemble a team of leading developers to build Fonoa’s platform, which has since evolved to include the acquisition of PricewaterhouseCoopers’ Global Indirect Tax Compliance (GITC) product, expanding their capabilities to manage partial exemptions across multiple jurisdictions[1][2][5].
Fonoa rides the wave of digital transformation and globalization in commerce, where businesses increasingly operate across borders and require scalable, automated tax compliance solutions. The timing is critical as tax authorities worldwide mandate real-time digital reporting and e-invoicing, increasing the complexity and volume of compliance requirements. Fonoa’s platform addresses these market forces by enabling companies to automate tax compliance at scale, reducing risk and manual workload, and allowing tax functions to evolve from technical back-office roles to strategic business partners. This shift supports the broader ecosystem by facilitating faster, compliant global expansion for digital businesses[1][6].
Looking ahead, Fonoa is positioned to deepen its influence as global tax regulations become more complex and digital compliance mandates expand. Continued product innovation, such as integrating partial exemption management through acquisitions like GITC, will enhance its platform’s comprehensiveness. Trends shaping its journey include increasing regulatory scrutiny, the rise of digital marketplaces, and the need for real-time financial transparency. Fonoa’s ability to automate and simplify tax compliance will likely make it a critical infrastructure provider for global digital commerce, enabling businesses to focus on growth while confidently managing tax risks[5][6]. This aligns with their founding vision of removing tax complexity as a barrier to global business expansion.
Fonoa has raised $86.0M in total across 3 funding rounds.
Fonoa's investors include 9Yards Capital, Gautam Gupta, Kevin Hartz, Founders Fund, Friends & Family Capital, General Catalyst, OMERS Ventures, Allison Barr Allen, Konstantin von Unger, Mandeep Singh, 20VC, A* Capital (A Star Capital).
Fonoa has raised $86.0M across 3 funding rounds. Most recently, it raised $60.0M Series B in July 2022.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Jul 1, 2022 | $60.0M Series B | 9Yards Capital, Gautam Gupta, Kevin Hartz, Founders Fund, Friends & Family Capital, General Catalyst, OMERS Ventures, Allison Barr Allen, Konstantin von Unger, Mandeep Singh | |
| Nov 1, 2021 | $21.0M Series A | 20VC, 9Yards Capital, Gautam Gupta, Kevin Hartz, A* Capital (A Star Capital), Bond, Buckley Ventures, Flex Capital, Founder Collective, M.G. Siegler, Kearny Jackson, LGF, OMERS Ventures, PivotNorth Capital, Quona Capital, Todd and Rahul's Angel Fund, Allison Barr Allen, James Beshara, Julia Hartz, Justin Mateen, Mandeep Singh, Manik Gupta, MG Siegler, Scott Belsky, William Hockey | |
| Oct 1, 2020 | $5.0M Seed |
