Fonoa Raises $110M Series C, Acquires PwC Tax Platform

Jan de Vries · 2026-05-29

Dublin-based AI tax startup Fonoa just made a huge move. They raised $110 million in Series C funding and bought PwC's tax compliance platform, Indirect Tax Edge. This is a big deal for anyone dealing with global tax headaches. ### The Funding Details The round was led by Headline, with help from Eurazeo and Forestay Capital. Existing backers like Index Ventures, OMERS, Coatue, and Dawn Capital also joined in. That's a lot of confidence in what Fonoa's building. ### Why This Matters Tax systems have been stuck in the past. Fonoa's CEO, Davor Tremac, put it perfectly: "Technology has transformed finance, but tax systems stayed neglected." Teams have been juggling separate tools for determination, e-invoicing, and returns, all held together by spreadsheets. Sound familiar? For companies like Uber or Netflix, that old model just doesn't cut it anymore. They operate in dozens of countries, each with its own tax rules. Fonoa was built to solve that mess. ### What Fonoa Does Fonoa launched in 2019, founded by three Uber alumni. Their platform covers the whole indirect tax lifecycle: - Tax ID validation in over 100 countries - Real-time tax determination across 190+ jurisdictions - E-invoicing for millions of sellers - Returns and compliance filing Everything runs on one shared data model with a single audit trail. That means less manual work and fewer errors. They process more than a billion transactions every year. Big clients include Canva, Uber, Netflix, Nebius, and Booking.com. ### The Edge Acquisition Edge is PwC's indirect tax compliance system. It handles VAT and GST reporting, e-filing, and tax analytics for global enterprises. The problem? Most companies use separate systems for upstream tasks like tax determination and downstream tasks like filing. That creates gaps and inefficiencies. Now, Fonoa and Edge together cover the entire indirect tax lifecycle in one platform. From validation to submission, it's all connected. Peter Michalowski from PwC said Fonoa is "perfectly placed" to scale Edge and add AI capabilities. PwC will keep providing tax consulting services through the platform. ### What's Next Fonoa plans to keep building. They'll integrate Edge deeper into their AI-powered tax operating system. The goal is to make tax compliance fully autonomous. For finance teams, that means less time on manual tasks and more focus on strategy. This is a huge step for tax technology. If you're dealing with global compliance, Fonoa just became a name to watch.