Funding

[Funding alert] Madrid-based TaxDown Secures €5 Million in Funding

Apr 10, 2024 | By Startup Rise EU

TaxDown, a startup that is upending the tax industry in Spain and Latin America secures €5 million in funding. Funds like JME Ventures and Base10, who have invested in multiple unicorns in the USA and Latin America, have increased their shareholding structure presence.

TaxDown, a startup that is upending the tax industry in Spain and Latin America secures €5 million in funding. Funds like JME Ventures and Base10, who have invested in multiple unicorns in the USA and Latin America, have increased their shareholding structure presence.

All of the previous investors in the company, including Abac Nest, one of Spain's benchmark funds with a management portfolio of €600 million, have once again shown their confidence in it.

In addition, 4Founders Capital, a fund manager started by former eDreams CEO Javier Pérez Tenessa, Jesús Monleón, Marek Fodor, and Marc Badosa, has joined the scene this year.

TaxDown has established itself as the greatest option to help taxpayers with their tax procedures, five years after its start in 2019. It is the benchmark business that files the greatest number of tax returns in Spain and has the most recognisable name in the tax industry.

Read also - Lyon-based Fluid Topics Secures €15Million in Series B Round Funding

TaxDown has helped its 2 million members save over €100 million by managing over €750 million in taxes through the creation of a platform that streamlines tax procedures.

With the best people and previously successful outcomes, the strategic goal of the capital infusion is to sustain the exponential expansion of the industry leader platform in 2024 in both Mexico and Spain.

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Enrique García, CEO and co-founder of TaxDown, said: “Our goal this year is to reach 3 million users and continue to strengthen our presence in Latin America. Consequently, we will use this new round of financing to continue improving the product and carry on our growth in both Spain and Mexico, helping all taxpayers to file a correctly presented tax return, thanks to the best mix of technology and a human team.”

As part of its growth, TaxDown is now offering a new line of service to businesses: a GaaS (Government as a Service) solution that serves as a conduit between businesses and government agencies, speeding up and securing procedures like opening bank accounts and purchasing insurance. It's already being used by a few big banks and insurance providers to provide their clients with a quicker and easier way to open accounts.

In addition, TaxDown has firmly committed to artificial intelligence, which adds even more sophistication to its already advanced offering. Tax advisors will benefit from a virtual advisor thanks to this new technological investment, which will simplify their work, increase their output, and enhance the advising that they provide for each tax return.

Javier Pérez Tenessa, the founder of eDreams and a partner in 4Founders Capital, emphasised: “At 4Founders Capital we were impressed by TaxDown’s growth and added value. By leveraging new technologies, and particularly Artificial Intelligence, TaxDown’s management team has developed an innovative and efficient product, which clearly sets it apart from the rest in terms of customer service. In Spain they are the leading brand in digital tax returns and we are starting to see very pronounced trends of it being taken up in Mexico, where the startup landed just a few months ago.”

About TaxDown

TaxDown is a wise substitute for income. Their Spanish firm has brought a revolutionary digital solution to the market that guarantees the best outcome for taxpayers filing their income tax returns in an easy and straightforward manner. They have revolutionised the tax consulting industry. Because TaxDown is a partner of the Tax Agency, they formally present the user's income tax return on their own platform.

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