Fonoa Raises $110M to Expand AI Tax Platform

Fonoa has raised $110 million in Series C funding, with Headline leading the round and new investors Eurazeo and Forestay Capital joining alongside returning backers like Index Ventures, OMERS, Coatue Management, and Dawn Capital. The funding coincides with the acquisition of PwC’s Indirect Tax Edge platform, a compliance tool used by global multinationals for VAT, GST, and automated e-filing. Founded in 2019 by Davor Tremac, Filip Sturman, and Ivan Ivanković—former Uber executives—the company addresses inefficiencies in fragmented tax systems that force businesses to rely on disjointed vendors and manual spreadsheets. Governments now demand real-time tax reporting, making legacy processes unsustainable. Fonoa’s cloud-native platform automates tax calculations, reducing latency by up to 90% for enterprises. The acquisition of PwC’s Edge bridges a gap in TaxTech by combining Fonoa’s API infrastructure with advanced filing capabilities, creating a unified system for indirect tax management. AI agents within the platform track jurisdictional tax rule changes, monitor transactions, and generate audit-ready reports in seconds. PwC will continue offering consulting services using Fonoa’s upgraded infrastructure. Fonoa operates in 190+ jurisdictions, providing real-time tax determination and instant corporate tax ID validation in 100+ countries. Its cloud-native design contrasts with legacy ERP-based tax software, catering specifically to digital-first businesses like ride-sharing and streaming platforms. The investment and acquisition position Fonoa to redefine global indirect tax compliance through automation and real-time data integration.