TaxBit raises $130m funding

Crypto tax automation software business TaxBit has raised $130 million Series B funding, boosting its valuation to $1.33 billion.

The round was led by IVP and Insight Partners with additional participation including Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, Madrona Venture Group, and Anthony Pompliano.

The investment comes five months after the company raised $100 million in Series A funding.
Since then, the company has tripled its headcount and entered several partnerships.

To coincide with the funding announcement, TaxBit has also revealed a new partnership with FTX US.

"We are living in a time where everything is going digital, including traditional assets," said Austin Woodward, TaxBit chief executive. "As we've built and deployed modern tax and accounting software tailored to digital assets, it's become clear that legacy tax information reporting solutions are built on antiquated technology that provides a poor client experience.”
Woodward added: “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."

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