TaxBit, a Salt Lake Metropolis, Utah-based supplier of crypto tax and accounting software program, introduced Tuesday that it has obtained a brand new funding from Haun Ventures – a brand new enterprise fund serving to founders construct the following technology of the web goal.
The strategic funding will allow TaxBit to additional speed up its main tax and accounting platform and convey further options to the crypto market to assist purchasers and companies with crypto tax reporting and funds.
This is without doubt one of the first investments by Haun Ventures, a enterprise capital fund just lately based by Katie Haun.
Ms. Haun has traditionally co-headed Andreessen Horowitz’s crypto arm however introduced her departure in December final 12 months. In March, Haun launched her enterprise capital agency, Haun Ventures, devoted to backing crypto startups. The enterprise capital agency was fashioned with $1.5 billion in capital throughout two funds — a $500 million early-stage fund and a $1 billion “acceleration” fund.
Along with offering funding to TaxBit, Haun Ventures indicated that it has chosen a world-class workforce of crypto-native consultants and skilled coverage and technique operators who will work with TaxBit to coach key audiences on how the tax and accounting infrastructure is altering the expansion of promotes crypto-economy.
Katie Haun, Founding father of Haun Ventures, spoke in regards to the partnership, saying, “The Web3 ecosystem has grown dramatically since I stepped into the house, and but we’re nonetheless within the early phases. Whereas the crypto financial system will proceed to unfold in cycles, there may be now widespread acceptance that this business is right here to remain. TaxBit offers the core infrastructure wanted for the crypto financial system to develop and attain its full potential. Apart from the essential position the product performs within the broader ecosystem, the workforce at TaxBit is best-in-class, which is why we’re proud to formally endorse the corporate and work with them on a long-term foundation.”
TaxBit Founder and CEO Austin Woodward additionally commented on the event, stating, “The Haun Ventures workforce shares TaxBit’s imaginative and prescient to work with regulators to drive accountable regulation that allows the adoption of digital property at scale. TaxBit’s compliance infrastructure is a essential part to the Web3 ecosystem. Now we have nice respect for the Haun Ventures workforce and sit up for working collectively in realizing our shared imaginative and prescient.”
Navigating Crypto Tax Reporting
In August final 12 months, TaxBit has raised $130 million in a Sequence B funding spherical co-led by IVP and Perception Companions. Extra buyers together with Tiger World, Paradigm, 9Yards Capital, Sapphire Ventures, Madrona Enterprise Group and Anthony Pompliano additionally participated within the funding spherical.
The funding comes months after TaxBit raised a $100 million Sequence A in March final 12 months. The current funding formally made TaxBit a unicorn with a valuation of $1.33 billion.
The digital financial system’s want for tax and accounting software program is growing within the business as regulators demand extra formal reporting practices. Consequently, TaxBit has seen spectacular development. In 2020, the corporate issued over two million tax varieties.
Because the final fundraising, TaxBit has tripled its headcount to round 100 folks. The corporate has additionally established an workplace in Seattle, offered companies with the IRS, and fashioned partnerships with various digital asset platforms, together with Coinbase, BlockFi, and Gemini.
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