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

Jan de Vries · 2026-05-29

Fonoa, a Dublin-based AI tax operating system for global businesses, has raised $110 million in Series C funding and acquired Indirect Tax Edge (Edge) from PricewaterhouseCoopers (PwC). This move is a big deal for anyone watching the European startup incorporation scene, especially with the buzz around the EU Inc proposal. ### The Funding Round The round 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 lot of confidence in Fonoa's vision. ### What Fonoa Does Fonoa was founded in 2019 by three Uber alumni: Davor Tremac, Filip Sturman, and Ivan Ivankovi. They saw how messy tax compliance gets when you're scaling across markets. Their platform covers the full indirect tax lifecycle, including: - Tax ID validation - Real-time tax determination - E-invoicing - Returns filing All of this runs on one shared data model with a single audit trail. The company says its agents can monitor obligations, populate returns, catch anomalies, and assemble audit packs in seconds. ### Why This Matters Davor Tremac, CEO and co-founder, put it this way: "While technology has transformed much of finance, tax systems have remained neglected, leaving accounting teams to 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." He's right. This model is unsustainable, especially for companies like Uber or Netflix that have global footprints and need to navigate region-specific tax rules. Fonoa aims to fix that. ### The Acquisition of Edge Edge is an indirect tax compliance system used by global enterprises for VAT/GST reporting, e-filing, and tax analytics. By bringing Edge in-house, Fonoa now covers the entire indirect tax lifecycle—from tax ID validation to return submission—all within a single 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 for Fonoa With fresh capital and Edge under its belt, Fonoa plans to expand its platform with more AI capabilities. PwC will continue to deliver global indirect tax reporting and consulting services through Edge as part of Fonoa's integrated system. This is all happening against the backdrop of the EU Inc proposal, which aims to simplify cross-border business operations in Europe. ### Key Takeaways - Fonoa supports tax determination across 190+ jurisdictions - It validates tax IDs in 100+ countries - It powers e-invoicing for millions of sellers - It processes more than a billion transactions annually - Notable clients include Canva, Uber, Netflix, Nebius, and Booking.com This funding round and acquisition signal a shift toward smarter, AI-driven tax compliance. For anyone involved in European startup incorporation, Fonoa's growth is worth watching.