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

Jan de Vries · 2026-05-29

Dublin-based AI tax operating system Fonoa just pulled off a doubleheader. It raised $110 million in Series C funding and snapped up PwC's Indirect Tax Edge (Edge) platform. That's a big deal for anyone wrestling with global tax compliance. ### The Funding Round Headline led the round. New investors Eurazeo and Forestay Capital joined in, along with existing backers Index Ventures, OMERS, Coatue, and Dawn Capital. That's a vote of confidence from some heavy hitters.  ### Why This Matters Tax tech has been stuck in the dark ages. Davor Tremac, Fonoa's CEO and co-founder, puts it bluntly: "While technology has transformed much of finance, tax systems have remained neglected." He's right. Most companies still juggle a mess of vendors and spreadsheets. Think about companies like Uber or Netflix. They operate in dozens of countries, each with its own tax rules. That's a nightmare for accounting teams. Fonoa aims to fix that with one unified system.  ### What Fonoa Does Founded in 2019 by three Uber alumni, Fonoa covers the whole indirect tax lifecycle. Its modules handle: - Tax ID validation - Real-time tax determination - E-invoicing - Returns filing All of this runs on a single data model with one audit trail. The company says it supports tax determination across 190+ jurisdictions and processes over a billion transactions each year. Clients include Canva, Uber, Netflix, Nebius, and Booking.com. ### The Edge Acquisition Edge is an indirect tax compliance system used by global enterprises for VAT/GST reporting, e-filing, and tax analytics. The problem? Companies have been using separate systems for upstream tasks like tax determination and downstream tasks like filing. That's inefficient and error-prone. By combining Fonoa and Edge, the whole indirect tax lifecycle lives in one place. From validation to submission, it's all connected. Peter Michalowski, Global Indirect Tax Network Leader at 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." ### What's Next Fonoa plans to keep developing Edge, adding AI capabilities and integrating it deeper into its platform. PwC will still deliver global indirect tax services through Edge, but now with Fonoa's tech backbone. This is a play for the future of tax compliance. As regulations get more complex and real-time, companies need smarter tools. Fonoa is betting its all-in-one platform is the answer. For finance teams drowning in spreadsheets and manual processes, that's a welcome change.