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

Jan de Vries · 2026-05-29

Dublin-based AI tax operating system Fonoa just pulled off a massive double play. They raised $110 million in Series C funding and snapped up PwC's Indirect Tax Edge platform in one go. That's a huge move. And it tells you everything about where tax tech is heading. ### The Funding Details The round was led by Headline, with new investors Eurazeo and Forestay Capital jumping in. Existing backers Index Ventures, OMERS, Coatue, and Dawn Capital also participated. That's a solid vote of confidence. ### Why This Matters for Global Companies Here's the thing: tax systems have been stuck in the dark ages. Davor Tremac, Fonoa's CEO and co-founder, put it perfectly. "While technology has transformed much of finance, tax systems have remained neglected," he said. "Accounting teams manage the same fragmented stack for decades: one vendor for determination, another for e-invoicing, a third for returns, with spreadsheets holding it all together." Sound familiar? It's a mess. Think about companies like Uber or Netflix. They operate in dozens of countries, each with its own tax rules. The old way just doesn't cut it anymore. Fonoa built its platform to fix that. ### What Fonoa Actually Does Founded in 2019 by three Uber alumni (Davor Tremac, Filip Sturman, and Ivan Ivankovi), Fonoa covers the entire indirect tax lifecycle: - Tax ID validation - Real-time tax determination - E-invoicing - Returns and filing All on one shared data model with a single audit trail. Each piece makes the others stronger. Their AI agents monitor obligations, populate returns, catch anomalies, and assemble audit packs in seconds. Fonoa supports tax determination across 190+ jurisdictions, validates tax IDs in 100+ countries, powers e-invoicing for millions of sellers, and processes over a billion transactions annually. Notable clients include Canva, Uber, Netflix, Nebius, and Booking.com. ### The PwC Edge Acquisition Edge is an indirect tax compliance system used by global enterprises for VAT/GST reporting, e-filing, transactional data management, and tax analytics. The acquisition bridges a long-standing gap. Enterprise tax teams used to handle upstream processes (determination, e-invoicing) in separate systems from downstream compliance (reporting, filing). Now Fonoa and Edge cover everything in one data model. Peter Michalowski, Global Indirect Tax Network Leader at PwC, said: "Fonoa is perfectly placed to provide the dedicated expertise, focus and investment needed to build and scale the Edge platform at the pace today's market demands." ### What's Next Fonoa plans to further develop Edge, integrating it with its modular tax infrastructure and AI layer. PwC will continue delivering global indirect tax reporting and consulting services through Edge as part of Fonoa's AI-empowered system. With fresh capital and the Edge acquisition, Fonoa is building what it calls "the first-ever complete system required for autonomous tax." That's a bold claim. But given their track record, it's one worth watching.