TaxBit, a Salt Lake City, UT- and Seattle, WA-based tax and accounting software provider for the digital economy, raised $130m in Series B funding round at a $1.33 billion valuation.
The round was led by IVP and Insight Partners with participation including Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, Madrona Venture Group, and Anthony Pompliano. In conjunction with the financing, Tom Loverro, General Partner at IVP, joined TaxBit’s Board of Directors. In addition, Ajay Vashee, General Partner at IVP, will join the company as a board observer, alon g with Nikhil Sachdev, Managing Partner at Insight Partners.
The company will use the funds to scale its multi-channel ecosystem of tax and accounting offerings across enterprise, consumer, and government sectors, double headcount by the end of the year and continue to open new offices in the USA and UK to accelerate international expansion.
Led by Austin Woodward, CEO, TaxBit provides CPAs and tax attorneys with a tax and accounting solution including core accounting suite, customer management suite, and form issuance for commodities, equities, and other digital asset investments. Customers include the world’s top exchanges, institutional investors, governments, and individuals. TaxBit connects all digital asset transactions across every exchange so that individuals and enterprises can file their taxes, manage their portfolios, and make tax-optimized trades, all through its software.