Fonoa

Based in Dublin, Ireland, Fonoa provides automated tax compliance software that helps digital platforms and e-commerce marketplaces determine tax obligations, calculate rates, and generate compliant invoices across multiple global jurisdictions. The enterprise software company processes over 500 million transactions annually and powers electronic invoicing for more than one million sellers operating in over 190 countries and United States jurisdictions. Operating with a distributed workforce of between 51 and 200 employees, the business generates approximately $26.5 million in annual revenue through its software-as-a-service model. Fonoa has raised $85 million in total venture capital funding, including a $60 million Series B round led by Coatue, with additional participation from Dawn Capital, Index Ventures, and OMERS Ventures. The company was founded in 2019 by former Uber executives and alumni Davor Tremac, Filip Sturman, and Ivan Ivankovicz.

High-Level Overview

Fonoa is a technology company that builds a global tax automation platform designed to simplify and streamline tax compliance for digital-first businesses, marketplaces, SaaS providers, and digital content creators operating across multiple jurisdictions. Their product automates complex tax workflows including real-time tax calculations, tax ID validation, e-invoicing, transaction reporting, and VAT/GST return filing in over 190 countries and U.S. states. This enables businesses to scale internationally without being hindered by the complexity and fast-changing nature of global tax regulations. Fonoa serves large enterprises such as Uber, Dell, Netflix, and Zoom, processing over 500 million transactions annually and powering e-invoicing for more than 1 million sellers on leading marketplaces[1][2][3][4].

Origin Story

Founded in 2019 by three Uber alumni—Davor Tremac, Filip Sturman, and Ivan Ivankovic—Fonoa emerged from their firsthand experience at Uber, where they recognized that manual tax compliance processes were a major barrier to rapid global scaling. They saw the need for a fully automated, always up-to-date tax compliance platform that could handle the complexity of cross-border tax rules in real time. This insight led them to assemble a team of leading developers to build Fonoa’s platform, which has since evolved to include the acquisition of PricewaterhouseCoopers’ Global Indirect Tax Compliance (GITC) product, expanding their capabilities to manage partial exemptions across multiple jurisdictions[1][2][5].

Core Differentiators

• Comprehensive Global Coverage: Calculates taxes accurately in 190+ countries and U.S. states, validating VAT, GST, and other tax IDs instantly across 100+ countries using official government databases[1][3].
• End-to-End Automation: Automates the entire indirect tax function from tax ID validation, tax calculation, e-invoicing, transaction reporting, to VAT/GST return filing and compliance reporting (e.g., DAC7, 1099)[3][4][5].
• Seamless Integration: Modular, API-driven platform integrates effortlessly into existing financial, ERP, and operational systems, enabling rapid deployment (integration in as little as two weeks)[3][4].
• Real-Time Compliance: Provides real-time tax calculations and reporting, ensuring businesses remain compliant with fast-evolving local tax regulations without manual intervention[1][3].
• Industry-Leading Clientele and Scale: Trusted by major global digital businesses and marketplaces, processing hundreds of millions of transactions annually and supporting over a million sellers[1][4][5].

Role in the Broader Tech Landscape

Fonoa rides the wave of digital transformation and globalization in commerce, where businesses increasingly operate across borders and require scalable, automated tax compliance solutions. The timing is critical as tax authorities worldwide mandate real-time digital reporting and e-invoicing, increasing the complexity and volume of compliance requirements. Fonoa’s platform addresses these market forces by enabling companies to automate tax compliance at scale, reducing risk and manual workload, and allowing tax functions to evolve from technical back-office roles to strategic business partners. This shift supports the broader ecosystem by facilitating faster, compliant global expansion for digital businesses[1][6].

Quick Take & Future Outlook

Looking ahead, Fonoa is positioned to deepen its influence as global tax regulations become more complex and digital compliance mandates expand. Continued product innovation, such as integrating partial exemption management through acquisitions like GITC, will enhance its platform’s comprehensiveness. Trends shaping its journey include increasing regulatory scrutiny, the rise of digital marketplaces, and the need for real-time financial transparency. Fonoa’s ability to automate and simplify tax compliance will likely make it a critical infrastructure provider for global digital commerce, enabling businesses to focus on growth while confidently managing tax risks[5][6]. This aligns with their founding vision of removing tax complexity as a barrier to global business expansion.