Accel leads $21m round for Taxdoo

Harriet Matthews
16 December 2020

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Accel has led a $21m series-A funding round for Germany-based Taxdoo, a company that provides VAT filing software for online retailers.

Also participating were new investors Visionaries Club and 20VC. Existing investor High-Tech Gründerfonds (HTGF) also backed the round.

The company said in a statement that it had been approached by a number of potential investors in 2020, including Accel, and had therefore made the decision to bring in outside capital.

Taxdoo intends to use the proceeds of the round to make new hires and to continue to develop its engineering and product organisation.

Following the round, Harry Nelis, partner at Accel, will join the company's board.

Accel is currently deploying equity via vehicles including Accel London VI, which held a final close in May 2019 on $575m. The fund backs startups based in Europe and Israel. The fund backed Germany-based investment brokerage service Trade Republic in April 2020.

Previous funding
HTGF backed a seed round for Taxdoo in 2017. The company had a team of five people at the time of the round.

Company
Founded in 2016 and based in Hamburg, Taxdoo provides tax compliance software for online retailers. The software aims to assist businesses with the management of their international VAT calculations and obligations. The software collects data and assesses and monitors transactions. The software also allows businesses to submit filings abroad and provides financial accounting services. Taxdoo has more than 50 employees, according to LinkedIn.

People
Accel – Harry Nelis (partner).
High-Tech Gründerfonds – Tobias Schulz (investment manager).
Taxdoo – Matthias Allmendinger, Roger Gothmann, Christian Koenigsheim (founders).