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

Jan de Vries · 2026-05-29

Fonoa, a Dublin-based AI tax operating system for global businesses, just pulled off two big moves. They raised $110 million in Series C funding and acquired Indirect Tax Edge (Edge) from PricewaterhouseCoopers (PwC). This is a huge deal for anyone watching the tax tech space. ### The Funding Round The funding 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. That's a lot of confidence in what Fonoa is building. Davor Tremac, CEO and co-founder of Fonoa, put it perfectly: "While technology has transformed much of finance, tax systems have remained neglected, leaving accounting teams to manage the same fragmented stack for decades." He's right. Think about it: one vendor for tax determination, another for e-invoicing, a third for returns. And spreadsheets holding it all together. It's a mess.  ### Why This Matters Tremac explained that this model is unsustainable, especially for companies like Uber or Netflix. These businesses operate globally and have to navigate region-specific tax rules. "We built Fonoa to keep multinational finance operations able to keep pace with global companies' ambition," he said. By adding Edge to the platform, they're creating what he calls "the first-ever complete system required for autonomous tax." Fonoa was founded in 2019 by three Uber alumni: Davor Tremac, Filip Sturman, and Ivan Ivankovic. They wanted to help companies handle complex, real-time tax requirements as they scale.  ### How Fonoa Works The company says its modules cover the full indirect tax lifecycle. That includes: - Tax ID validation - Real-time tax determination - E-invoicing - Returns All of this runs on one shared data model and integration, with a single audit trail. Each added capability makes the others stronger. Agents monitor obligations, populate returns, catch anomalies, and assemble audit packs in seconds. It's pretty slick. Fonoa claims it supports tax determination across 190+ jurisdictions. It validates tax IDs in 100+ countries, powers e-invoicing for millions of sellers, and processes over a billion transactions annually. The platform is designed for real-time compliance across digital and cross-border business models. That sets it apart from legacy providers, which rely on ERP integrations and batch reporting. Notable clients include Canva, Uber, Netflix, Nebius, and Booking.com. These are big names, and they trust Fonoa to handle their tax needs. ### The Edge Acquisition Edge is an indirect tax compliance system used by global enterprises. It handles VAT/GST compliance reporting, e-filing, transactional data management, and tax analytics. The acquisition is meant to bridge a long-standing gap in indirect tax technology. Here's the problem: enterprise tax teams currently handle upstream processes like tax determination and e-invoicing in separate systems from downstream compliance reporting and filing. That's inefficient and error-prone. With Fonoa and Edge together, the entire indirect tax lifecycle lives within a single data model. From tax ID validation and real-time determination to e-invoicing and return submission, it's all in one place. ### What's Next 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." He added that Fonoa will accelerate innovation with AI, expand engineering capability, and respond swiftly to regulatory change. PwC will continue to deliver deep indirect tax expertise and tech-enabled managed services. Fonoa plans to further develop Edge after the acquisition. They'll integrate 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. With the new capital and Edge, Fonoa aims to cover the full indirect tax lifecycle. This is a big step forward for tax technology. It's about time someone brought it all together.