TaxBit reaches unicorn status after a $130 million funding round

TaxBit, a software company that develops cryptocurrency tax calculation and accounting automation, raised $130 million in a Series B round. The startup joined the unicorn club with a valuation of $1.33 billion.

TaxBit Raises $130M Series B at $1.33B Valuation to Disrupt Legacy Tax Information Reporting. Dozens of financial institutions commit to real-time tax center solutions. https://t.co/Ej4CCO9y0L pic.twitter.com/KK0S4lMssl

— TaxBit (@TaxBit) August 12, 2021

The round was led by venture firms IVP and Insight Partners. Participants included Tiger Global, Paradigm, 9Yards Capital, Sapphire Ventures, Madrona Venture Group and Morgan Creek Digital co-founder Anthony Pompliano.

As part of the deal, IVP General Partner Tom Loverro joined the company’s board.

The raised capital will be used to scale TaxBit’s ecosystem of tax and accounting offerings for corporate, consumer and government sectors.

The company plans to double its headcount by the end of the year and open new offices in the United States and the United Kingdom to continue its international expansion.

Back in March 2021, TaxBit raised $100 million in a Series A round.