Today, we're excited to announce that we've raised a $21M (€17M) Series A round led by London-based Accel, with participation from Visionaries Club, 20VC, and our existing investors at High-Tech Gründerfonds (HTGF). Accel's Harry Nelis will be joining our board, and we are looking forward to profiting from his valuable experiences in building tech companies. This is a big milestone for us in our mission to build the leading compliance platform for the digital economy.
Automated compliance for e-commerce – on a platform
Back in 2016, we started Taxdoo with the goal of automating VAT returns for e-commerce sellers. Since then, we have profitably grown to more than 1,000 customers and relieved them from worries about VAT compliance in complex multichannel setups. While doing that, we noticed loose threads in all directions: in addition to VAT returns, the data we were processing were also valuable for accounting, specific types of invoicing, Intrastat returns, and many other compliance-relevant processes. We complemented our product portfolio with these tools, with many more in development.
In working closely with our customers, we saw that e-commerce sellers needed a modular platform that can be flexibly applied to all their compliance requirements – depending on their size, geographic location, or sales channels.
Why we've raised the Series A round and what we're going to do with the funds
We made the decision to bring in outside capital in mid-2020, after we were approached by different investors – among them Accel. Accel brings deep experience from their work with Celonis, Personio, UiPath and other leading SaaS companies from Europe. Visionaries Club and 20VC are extraordinary partners with a massive network in and outside of Europe. We are excited to work with our new investors in the coming years.
The funds will be put to use in different areas. Since the demand for our products is growing and our roadmap is extensive, we are always on the lookout for new additions to our excellent team. We will continue building our exceptional engineering and product organization in order to accelerate our platform roadmap. Adding to that, we'll make sure to always live up to our standards with best-in-class customer support – something that has always set us apart from others and that we are especially proud of. This will become even more important as we continue internationalising our product to assist more sellers from across and outside the European Union.
For us, taking this step feels like entering a new level in Taxdoo's development. We are more than grateful to our customers, who have always provided excellent feedback to us and helped us improve our product. Thank you to our team, who have made all of this possible through their tireless dedication and hard work.
We're excited to go on this journey together.
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