Fonoa banked €94.4 million ($110 million) in Series C funding to scale its automated tax infrastructure. The round was led by Headline, with participation from new backers Eurazeo and Forestay Capital. Existing investors Index Ventures, OMERS, Coatue, and Dawn Capital also joined the raise.
The Dublin-based company provides an operating system that automates the entire indirect tax lifecycle for multinational enterprises. Its platform handles tax ID validation, real-time tax determination, e-invoicing, and returns across more than 190 jurisdictions. Alongside the funding, Fonoa acquired Indirect Tax Edge from PwC, a compliance platform that will be integrated into its core modular stack to bridge the gap between transaction determination and final tax filings.
Founded in 2019 by former Uber employees, Fonoa aims to replace the fragmented spreadsheets and legacy ERP-based systems typically used by global finance teams. The platform currently processes over one billion transactions annually for digital-native clients including Netflix, Canva, and Uber. By using a single data model, the system allows agents to monitor global obligations and assemble audit packs automatically.
As tax authorities worldwide move toward real-time digital reporting, Fonoa’s consolidation of the compliance stack reflects a broader shift in European fintech toward high-automation, cross-border infrastructure.
Originally reported by EU-Startups Daily.