Taxdoo raises $64 million to expand its tax compliance services to include a broader set of financial capabilities for e-commerce businesses

E-commerce is becoming more global now. Taxdoo, a startup that creates API-based tools to assist e-commerce businesses with tax compliance and other accounting issues, is announcing a round of funding. The Hamburg-based startup will use the $64 million Series B to grow farther throughout Europe and construct the financial operating system for e-commerce businesses.

Tiger Global is leading the round, which is part of the VC’s aggressive pus into European firms, with former backers Accel, Visionaries Club, and 20VC all taking part. Taxdoo recently announced fundraising less than a year ago, raising $21 million in a Series A round, bringing the company’s total capital to $84 million. According to individuals close to the company, the valuation has risen to a little over $350 million.

“We’re already helping customers shave off hours of manual [sales tax] work, and with newer features like pro forma invoices for tax compliance, we’ve built a lot of adjacent features. The long-term vision is that we want to enable our customers to have their financial data accelerate their growth rather than holding them back. We want to give them a competitive edge by automating tedious tasks, so that they don’t have to pay that much attention to compliance and regulation. We see this as a financial operating system for commerce.”

Christian Königsheim, CEO

Taxdoo gained its reputation by offering a set of APIs that European e-commerce enterprises, or any company doing business online, could use to calculate VAT (sales tax) and track it to meet accounting compliance requirements. It presently collaborates with over 1,700 marketplaces, online merchants, and businesses to integrate with the platforms they use to sell online.

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