TaxBit, a Salt Lake City, UT-based company which offers cryptocurrency tax automation software for crypto users, exchanges, and merchants, raised $5m in seed funding.
Investors included TTV Capital, Dragonfly Capital Partners, Collaborative Fund, Winklevoss Capital, Valar Ventures, Global Founders Capital, Table Management, Album VC, and more.
The company intends to use the funds to further enhance its products and accelerate customer growth, both in the United States and internationally in regions including Canada, UK, and Australia.
Led by Austin Woodward, CEO and Founder, TaxBit provides a software platform used by thousands of everyday crypto users, crypto exchanges and merchants to manage their 1099 and enterprise reporting requirements. Its consumer product allows users to produce all of their required crypto tax forms in minutes. In 2019, the company also launched its enterprise tax center suite that is now being deployed by cryptocurrency exchanges and merchants. TaxBit’s tax center suite facilitates tax compliance for enterprises and their users through a technology driven platform.