TaxBit, a tax and accounting software provider focused on crypto has announced the successful completion of its Series B round which raised $130 million, valuing the company at $1.33 billion.
The Series B round was co-led by IVP and Insight Partners, venture capital and private equity companies based in New York along with the participation of several prominent investors – Paradigm, 9Yards Capital, Tiger Global, Sapphire Ventures, Anthony Pompliano, and Madrona Venture Group.
The announcement comes after the startup’s Series A funding round in March, which raised $100 million for a global expansion plan.
Over just a few months, the crypto tax software provider focused on the development of its team as well as partnerships with several leading digital asset platforms. The new funds will be used to expand its multi-channel ecosystem of tax and accounting offerings as a part of its further expansion plans.
In addition to investing, Tom Loverro of IVP also will participate in the TaxBit’s Board of Directors.
Speaking on the latest fundraising round, Austin Woodward, Chief Executive Officer at TaxBit said commented,
“We are living in a time where everything is going digital, including traditional assets. As we’ve built and deployed modern tax and accounting software tailored to digital assets (crypto), it’s become clear that legacy tax information reporting solutions are built on antiquated technology that provides a poor client experience. TaxBit is changing the game by providing clients and their users modern, real-time technology that affords visibility and tax optimization opportunities throughout the year.”
According to the startup, its Tax Center Suite technology is selected among several crypto platforms. In addition, it also partnered with the crypto exchange FTX US.
Sam Bankman-Fried, Chief Executive Officer at FTX commented,
“We are excited to partner with TaxBit in bringing a world-class tax experience directly to our platform. FTX US users will have access to portfolio performance statements, tax optimization tools, and year-end tax forms that make it easy for users to report and file their taxes. TaxBit’s technology supports FTX’s commitment to compliance while focusing on the customer experience.”