Crypto Startup TaxBit Secures $130 Million in Series B Funding Round.
The recent funding round was led by IVP and Insight Partners.
TaxBit, one of the leading crypto tax and accounting software providers, announced yesterday that the company has raised $130 million in a Series B funding round to expand its multi-channel ecosystem of tax and accounting offerings. Additionally, the company received a valuation of $1.33 billion.
According to a press release shared by TaxBit, the latest Series B funding round was led by IVP and Insight Partners, the New York-based venture capital and private equity firm. In addition, the crypto startup highlighted the participation of several prominent investors in the latest financing, including Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, Madrona Venture Group and Anthony Pompliano.
The recent announcement from TaxBit came nearly five months after the company raised $100 million in the Series A funding round for global expansion. In the last few months, the crypto tax software provider increased its team significantly and entered into partnerships with several leading digital asset platforms.
Commenting on the latest funding round, Austin Woodward, CEO of TaxBit, said: “We are living in a time where everything is going digital, including traditional assets. As we‘ve built and deployed modern tax and accounting software tailored to digital assets (crypto), it’s become clear that legacy tax information reporting solutions are built on antiquated technology that provides a poor client experience. TaxBit is changing the game by providing clients and their users modern, real-time technology that affords visibility and tax optimization opportunities throughout the year.”
TaxBit mentioned that several crypto platforms are deploying the company‘s Tax Center Suite technology. The company revealed a partnership with the crypto exchange FTX US. “We are excited to partner with TaxBit in bringing a world-class tax experience directly to our platform. FTX US users will have access to portfolio performance statements, tax optimization tools and year-end tax forms that make it easy for users to report and file their taxes. TaxBit’s technology supports FTXs commitment to compliance while focusing on the customer experience,” the FTX CEO, Sam Bankman-Fried, commented.
In the recent announcement, TaxBit outlined that Tom Loverro, General Partner at IVP, has joined the companys Board of Directors.