Crypto Tax Entity Secured $130M Via Funding Round, Exceeding $1.3B In Valuation

By Tracy Hannes | August 16, 2021

US-headquartered crypto tax software developing entity TaxBit has reportedly increased its value to exceed the $1.3 billion benchmark, following a successfully closed fundraising. 

Specifically, Taxbit – already considered a unicorn startup – has reportedly undergone a Series B funding round, led by IVP and Insight Partners, which witnessed the participation from Bitcoin bull Anthony “Pomp” Pompliano, Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, and Madrona Venture Group.

The firm reportedly shared that it is looking to channel the fund towards widening the scope of its tax and accounting offerings network, together with setting up new branches in the US and the UK. 

The investment reportedly took place five months after the firm disclosed details of a successfully secured $100 million via a Serie A funding round, which would be dedicated to financially support its expansion into the United Kingdom.

In 2021, TaxBit reportedly opened a Seattle-based office, with a plan down its pipeline to offer crypto-associated data analysis and tax calculation support for taxpayers, via the Internal Revenue Service, or IRS.

Head of TaxBit – Austin Woodward – reportedly delivered his remarks on Pomp’s YouTube channel on August 12th, claiming that the firm has forecasted there will be extra crypto tax reporting requirements from the authority, nominally the ones in the $1.2 trillion bill which received the approval from the U.S. Senate in the second week of August 2021. 

Per Woodward, crypto taxes were “the number one topic debated and discussed”, since numerous senators in the US put up proposals for adjustments, aimed at bringing modification to the language regarding crypto brokers in the bill.

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