Dublin AI Tax Startup Fonoa Raises €94.4M Series C And Acquires PwC Tax Platform

The funding round was led by Headline, with participation from new investors Eurazeo and Forestay Capital, alongside existing backers Index Ventures, OMERS, Coatue, and Dawn Capital.

Founded in 2019 by former Uber executives Davor Tremac, Filip Sturman and Ivan Ivanković, Fonoa was created to help companies navigate increasingly complex tax requirements as they expand across international markets.

The company’s platform covers the entire indirect tax lifecycle, including tax ID validation, real-time tax determination, e-invoicing and tax return filing, all powered by a unified data model and audit trail. Its AI-driven agents can monitor compliance obligations, prepare returns, detect anomalies and generate audit documentation in seconds.

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Fonoa says its technology supports tax determination in more than 190 jurisdictions, validates tax IDs across 100+ countries, powers e-invoicing for millions of businesses, and processes over one billion transactions annually. Customers include Canva, Uber, Netflix, Nebius, and Booking.com.

The acquisition of Edge, a widely used VAT/GST compliance platform, expands Fonoa’s capabilities by combining tax determination, invoicing, compliance reporting and filing into a single integrated system.

The company plans to further enhance Edge by integrating it with its modular tax infrastructure and AI layer, while PwC will continue providing indirect tax reporting and advisory services through the platform.

With the new funding and acquisition, Fonoa aims to build a fully integrated, AI-powered tax operating system that manages the complete indirect tax lifecycle for global enterprises.

Davor Tremac, CEO and co-founder of Fonoa, “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.

“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. We built Fonoa to keep multinational finance operations able to keep pace with global companies’ ambition. By bringing Edge into the platform, we are adding compliance and filing to that foundation, creating the first-ever complete system required for autonomous tax.”

About Fonoa

Founded in 2019 Fonoa provides an AI-powered tax operating system for global businesses. Its platform automates the entire indirect tax lifecycle, including tax ID validation, real-time tax determination, e-invoicing, and tax return management. Built on a unified data model, Fonoa helps companies streamline compliance, improve accuracy and scale globally.