Crypto-tax startup TaxBit raises $ 130 million in funding round, now valued at $ 1.3 billion

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Already classified as a unicorn startup, US cryptocurrency tax software developer TaxBit now has a valuation of over $ 1.3 billion after a recent fundraiser.

According to an announcement on Thursday, IVP and Insight Partners led a $ 130 Series B fundraiser for TaxBit with participation from Bitcoin bull Anthony “Pomp” Pompliano, Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures and Madrona Venture Group. . The company said it plans to use the funds that raise its valuation to $ 1.33 billion to expand its tax and accounting offer system as well as to open new offices in the US and UK. .

The investment comes five months after the company raised $ 100 million in a Series A round, which it said would be used to fund its expansion into the UK. This year, TaxBit opened an office in Seattle and plans to provide taxpayers with crypto-related data analysis and tax calculation assistance through the Internal Revenue Service, or IRS.

TaxBit CEO Austin Woodward spoke today on Pomps’ YouTube channel, saying the company anticipated additional crypto tax reporting requirements from the U.S. government, such as those in the $ 1.2 trillion that was passed by the US Senate this week. According to Woodward, crypto taxes were “the number one topic debated and discussed, as several U.S. senators proposed amendments to change language regarding crypto brokers in the bill.”

Related: IRS Will Seize Your Crypto If You Can’t Refund Taxes

Launched in 2018, TaxBit is designed to automate aspects of crypto tax compliance for businesses, consumers, and governments. The company achieved unicorn status this year with a valuation of at least $ 1 billion and has partnered with many companies managing digital assets, including the leading crypto exchange Gemini.

“We live in an age where everything is going digital, including traditional assets,” said Woodward. “As we have created and deployed modern tax and accounting software tailored for digital assets, it has become clear that older tax reporting solutions rely on outdated technology that delivers a poor customer experience.

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