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

Jan de Vries · 2026-05-29

### A Big Win for Tax Tech Fonoa, the Dublin-based AI tax operating system for global businesses, just made some serious moves. They've raised $110 million in Series C funding and acquired Indirect Tax Edge (Edge) from PricewaterhouseCoopers (PwC). That's a huge deal for anyone dealing with international taxes. ### The Funding Round The round was led by Headline, with new investors Eurazeo and Forestay Capital joining in. Existing backers like Index Ventures, OMERS, Coatue, and Dawn Capital also participated. It's a strong vote of confidence in what Fonoa is building. ### What Fonoa Does Founded in 2019 by three Uber alumni - Davor Tremac, Filip Sturman, and Ivan Ivankovic - Fonoa helps companies navigate complex, real-time tax requirements as they expand globally. Their platform covers the entire indirect tax lifecycle: tax ID validation, real-time tax determination, e-invoicing, and returns. All on one shared data model with a single audit trail. Davor Tremac, CEO and co-founder, put it well: "While technology has transformed much of finance, tax systems have remained neglected. 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." He added: "This model has become unsustainable, especially for companies like Uber or Netflix that have constantly-expanding global footprints. By bringing Edge into the platform, we're adding compliance and filing to that foundation, creating the first-ever complete system for autonomous tax." ### The Numbers Are Impressive Fonoa claims it 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. Their platform is built for real-time compliance across digital and cross-border business models. That sets them apart from legacy providers stuck on ERP integrations and batch reporting. Notable clients include Canva, Uber, Netflix, Nebius, and Booking.com. Pretty solid lineup. ### The Acquisition: What Edge Brings Edge is an indirect tax compliance system used by global enterprises to manage VAT/GST compliance reporting, e-filing, transactional data management, and tax analytics. This acquisition bridges a long-standing gap in indirect tax technology. Here's the problem Fonoa is solving: - Enterprise tax teams handle upstream processes (tax determination, e-invoicing) in separate systems - Downstream compliance reporting and filing happens elsewhere - This creates data silos, manual work, and errors Now, Fonoa and Edge encompass the entire indirect tax lifecycle within a single data model: from tax ID validation and real-time determination to e-invoicing and return submission. ### What Peter Michalowski from PwC Says "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. As a specialist tax technology leader, Fonoa will accelerate innovation with AI, expand engineering capability, and respond swiftly to regulatory change. PwC will continue to deliver deep indirect tax expertise, global reach, and tech-enabled managed services to help clients." ### What's Next for Fonoa With fresh capital and Edge under their belt, Fonoa plans to expand their platform to cover the full indirect tax lifecycle. They'll further develop Edge, integrating it with their modular tax infrastructure and AI layer. PwC will keep delivering global indirect tax reporting and consulting services through Edge as part of Fonoa's AI-empowered, fully integrated tax operating system. ### The Big Picture This is a clear signal that tax technology is finally getting the attention it deserves. For multinational companies dealing with fragmented tax systems across dozens of countries, Fonoa's approach could be a game-changer. One platform, one data model, one audit trail. No more spreadsheets holding everything together. If you're in finance or tax at a global company, this is one to watch.