COMPANY INFO
Taxbit, officially known as TaxBit Inc., was founded in 2017 by Austin Woodward, Justin Woodward, Brandon Woodward, and Bobby Clayson. It is a financial software company headquartered in Draper, Utah, with about 155-170 employees, specializing in automated tax and accounting compliance solutions for the digital economy, particularly focused on cryptocurrency and digital assets. Their platform automates complex tax reporting and compliance tasks using modern API-powered technology to help enterprises and governments stay compliant and secure regulatory trust. The official website is https://www.taxbit.com.
TaxBit, officially known as TaxBit Inc., was founded in 2017 by Austin Woodward, Justin Woodward, Brandon Woodward, and Bobby Clayson. Operating in the financial software industry and headquartered in Draper, Utah, TaxBit employs around 170 people. The company specializes in automated tax and accounting compliance solutions for the digital economy, with a strong emphasis on cryptocurrency and digital asset reporting. By leveraging API-powered technology, TaxBit streamlines complex compliance tasks for enterprises and governments, helping them maintain regulatory trust and operational efficiency.
TaxBit funding has propelled the company to become a leader in crypto tax and compliance automation. Since its inception, TaxBit has raised approximately $237 million across seven funding rounds, demonstrating a robust funding strategy and attracting prominent venture capital investors. Key milestones include reaching unicorn status with a $1.33 billion valuation and securing investments from a diverse array of fintech-focused backers. TaxBit’s funding rounds reflect not only market confidence in its solution but also its commitment to scaling rapidly, expanding its user base, and deepening partnerships with governmental bodies. The company's investor base spans both traditional venture capital and strategic fintech partners, supporting TaxBit’s mission to power compliance across the digital asset ecosystem.
This most recent TaxBit funding round, led by In-Q-Tel, is intended to fuel further growth and expansion of TaxBit’s multichannel ecosystem of tax and accounting offerings. The funds are directed toward scaling solutions across enterprise, individual, and government sectors.
In this TaxBit funding round, led by Haun Ventures, the company continued its ongoing expansion and development activities, with a focus on maintaining momentum in the fast-evolving digital asset compliance industry.
One of the most significant TaxBit funding rounds, this $130 million Series B brought TaxBit to a $1.33 billion valuation. Led by Insight Partners, IVP, Madrona Venture Group, Tiger Global Management, Paradigm, Sapphire Ventures, Anthony Pompliano, and 9Yards, this round was aimed at disrupting legacy tax information reporting systems, scaling headcount, launching new offices, and expanding high-profile partnerships (notably with the IRS and FTX US).
This Series A round focused on product development and supporting mainstream cryptocurrency adoption. Spearheaded by investors like Paradigm, Tiger Global Management, Winklevoss Capital, Bill Ackman, and others, the funds played a crucial role in TaxBit’s growth.
Led by PayPal Ventures, Coinbase, and Winklevoss Capital, this seed round enabled TaxBit to advance its initial product launch and early development in the rapidly growing crypto compliance sector.
This earlier seed round, backed by TTV Capital, Winklevoss Capital, Valar Ventures, Album VC, and others, provided initial funding to build out TaxBit’s development team and establish core operations.
The first round of TaxBit investment focused on supporting the initial launch and foundational phase of the company’s automated tax solution.
In-Q-Tel is a strategic investor specializing in technology and innovation that support government operations, particularly in data and security. Their investment in TaxBit helps drive the company’s expansion into government and regulatory sectors, enabling advanced compliance solutions.
Haun Ventures is a venture capital firm focused on next-generation web and cryptocurrency startups. Their involvement in TaxBit funding rounds supports the company’s ongoing development in the blockchain and digital assets sector.
A leading global venture capital and private equity firm, Insight Partners has played a pivotal role in TaxBit's growth, especially by co-leading its $130M Series B, providing vital support for scaling operations and expanding market reach.
IVP (Institutional Venture Partners) is a late-stage venture capital firm investing in rapidly growing technology companies. Their backing of TaxBit funding rounds underscores market confidence in the company’s potential for exponential growth in fintech.
With a focus on early- and growth-stage technology ventures, Madrona’s investment strengthens TaxBit’s ability to innovate within financial software and cryptocurrency compliance.
Tiger Global Management is a renowned global investment firm. Its support in TaxBit’s major funding rounds exemplifies high conviction in the company’s disruptive impact on tax compliance technology.
As a crypto and Web3-focused investment firm, Paradigm provided early and continued support to TaxBit, catalyzing the company’s growth and shaping its leadership in the digital asset compliance market.
Sapphire Ventures invests in pioneering technology companies, providing not just capital but also strategic guidance for scaling. Their investment is instrumental in TaxBit's growth trajectory.
Co-founded by crypto entrepreneurs Cameron and Tyler Winklevoss, Winklevoss Capital has been a recurring investor in multiple TaxBit funding rounds, further validating TaxBit's position in crypto compliance.
PayPal’s venture capital arm participated as an early investor, providing TaxBit with industry credibility and strategic fintech partnerships necessary for breaking into regulated markets.
A global crypto exchange giant, Coinbase’s investment in TaxBit bridges deep industry networks and adds further legitimacy to TaxBit’s compliance solutions within the digital asset space.
Other notable contributors to TaxBit investment rounds include Anthony Pompliano, 9Yards Capital, Bill Ackman, Ryan Smith, Michael Vaughan, Galaxy, Valar Ventures, Global Founders Capital, Album VC, Original Capital, TTV Capital, Collab+Currency, Collab Fund, ACOF, and Dragonfly. These investors support various facets of TaxBit’s expansion, research, compliance infrastructure, and strategic partnerships.
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