Osborne Clarke advised Taxdoo GmbH in a Series A financing round of EUR 17 million.
The financing round was led by venture capital investor Accel. Visionaries Club, 20VC and HTGF (High-Tech Gründerfonds), which has been invested since the seed round already, also took part. Taxdoo offers an automated sales tax tool for online trading via its platform. The financing round is intended to further strengthen Taxdoo's rapid growth. The focus is particularly on international expansion, research and development, sales and customer support.
The Osborne Clarke team under the leadership of the long-standing Taxdoo consultant Rouven Siegemund (Corporate / VC) consisted of Felix Hilgert, Dr. Hendrik Schöttle and Cédric Ludwig (all IT / IP law), Dr. Ulrike Bär (Tax law), Hannah-Maria Kampherm (Employment law), Jan Marco Aatz (Merger control law) and Nicolas Gabrysch (Corporate / VC).
With Accel, Taxdoo was able to win one of the world's best-known VC investors who, for example, are among the early investors of Facebook. “Accel's investment is a milestone in the development of Taxdoo GmbH and we look forward to accompanying the company as it expands. In implementing the transaction, our team was able to fall back on our law firm's many years of expertise in the booming FinTech market”, says Rouven Siegemund, Partner Osborne Clarke.
Osborne Clarke had already advised Taxdoo in the previous seed round of HTGF and in the implementation of the now also announced cooperation with Felix1. In addition, Osborne Clarke continuously supports Taxdoo in their day-to-day business.
Taxdoo automates the analog processes
Taxdoo provides online retailers with an automated, cloud-based platform and efficiently handles the essential compliance processes: starting with the data relationship process, the tax preparation of sales tax reports in the EU through to the financial accounting processing of transaction data. In addition, users of the platform can make collaboration with their tax advisor much easier and also overcome other potential compliance hurdles, such as the creation of reports for intra-trade statistics, without additional effort. Taxdoo enables more than 1,000 online retailers from the DACH region to sell their products and services in compliance with all compliance obligations.
The company continues to scale its business to meet growing demand. In this context, Taxdoo will expand its activities to the entire EU market in the coming months. The company will also expand its SaaS platform with new financial accounting and other compliance solutions. In addition, Taxdoo plans to triple the number of employees to more than 150 by the end of 2021. Mainly developers, sales and marketing staff are to be hired for the headquarters in Hamburg.
About Osborne Clarke
Osborne Clarke is an international legal practice with over 1,800 employees at 26 locations worldwide, including 150 lawyers in Berlin, Hamburg, Cologne and Munich. With the claim “Helping you succeed in tomorrow’s world”, extensive industry knowledge through networking and outstanding expertise in the digital transformation of business models, Osborne Clarke advises and represents companies and entrepreneurs in all practical business law issues.