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

Jan de Vries · 2026-05-29

A Dublin-based startup is shaking up the world of tax technology. Fonoa, which builds an AI-powered tax operating system for global businesses, just raised a massive $110 million Series C round. And they didn't stop there—they also acquired PwC's Indirect Tax Edge (Edge) platform. The funding was led by Headline, with new investors Eurazeo and Forestay Capital joining in. Existing backers Index Ventures, OMERS, Coatue, and Dawn Capital also participated. That's a vote of confidence if we've ever seen one. ### Why Tax Tech Matters Now More Than Ever Here's the thing: tax systems have been stuck in the dark ages. While everything else in finance got a digital makeover, tax teams were still juggling a mess of tools. One vendor for tax determination, another for e-invoicing, a third for returns. Oh, and let's not forget the spreadsheets holding it all together. Davor Tremac, CEO and co-founder of Fonoa, put it this way: > "This model has become unsustainable, especially when you think about it through the lens of companies like Uber or Netflix that have constantly-expanding global footprints and must navigate region-specific tax and compliance requirements." He's right. Global companies operate in dozens of countries, each with its own tax rules. The old way just doesn't cut it anymore. ### What Fonoa Actually Does Founded in 2019 by three Uber alumni—Davor Tremac, Filip Sturman, and Ivan Ivankovi—Fonoa tackles the entire indirect tax lifecycle. Their platform covers: - Tax ID validation - Real-time tax determination - E-invoicing - Returns and compliance filing All of this runs on a single data model with one audit trail. That means tax teams can finally see everything in one place. No more hopping between systems or reconciling spreadsheets. Fonoa claims their platform supports tax determination across more than 190 jurisdictions. They validate tax IDs in over 100 countries and process more than a billion transactions each year. Their clients include big names like Canva, Uber, Netflix, Nebius, and Booking.com. ### The PwC Acquisition Changes the Game Edge, the platform Fonoa just bought from PwC, handles indirect tax compliance for global enterprises. It manages VAT/GST reporting, e-filing, transaction data, and tax analytics. Before this deal, enterprise tax teams had to use separate systems for upstream tasks (like tax determination) and downstream work (like filing). Now, Fonoa and Edge together cover the full indirect tax lifecycle in one system. Peter Michalowski, Global Indirect Tax Network Leader at PwC, explained: > "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 for Fonoa With the new capital and Edge acquisition, Fonoa plans to keep expanding. They'll integrate Edge deeper into their AI-powered platform and add more capabilities. PwC will continue to offer tax consulting services through Edge, but now as part of Fonoa's system. The goal is simple: give global companies one complete tax operating system that handles everything from validation to filing. No more fragmented tools. No more manual workarounds. Just a smooth, automated process that keeps up with ambitious businesses. For tax professionals in the US, this matters because the same challenges apply here. Companies expanding internationally face the same messy compliance landscape. Fonoa's approach could change how we think about tax technology forever.