Fonoa, a Dublin-based AI tax operating system for global businesses, has raised €94.4 million ($110 million) in Series C funding and acquired Indirect Tax Edge (Edge) from PricewaterhouseCoopers (PwC).
The funding round was led by Headline and included participation from new investors Eurazeo and Forestay Capital, alongside existing investors Index Ventures, OMERS, Coatue, and Dawn Capital.
Davor Tremac, CEO and co-founder of Fonoa, “While technology has transformed much of finance, tax systems have remained neglected, leaving accounting teams to manage the same fragmented stack for decades: one vendor for determination, another for e-invoicing, a third for returns, with spreadsheets holding it all together.
“This model has become unsustainable, especially when you think about it through the lens of companies like Uber or Netflix that have constantly-expanding global footprints and must navigate region-specific tax and compliance requirements. We built Fonoa to keep multinational finance operations able to keep pace with global companies’ ambition. By bringing Edge into the platform, we are adding compliance and filing to that foundation, creating the first-ever complete system required for autonomous tax.”
Founded in 2019 by three Uber alumni, Davor Tremac, Filip Sturman, and Ivan Ivankovi, to help navigate complex, real-time tax requirements as they scale across markets.
The company states that its modules cover the full indirect tax lifecycle, including tax ID validation, real-time tax determination, e-invoicing, and returns. All on one shared data model and integration, with one audit trail. Each added capability makes the others stronger. Agents monitor obligations, populate returns, catch anomalies and assemble audit packs in seconds.
Fonoa claims that it supports tax determination across 190+ jurisdictions, validates tax IDs in 100+ countries, powers e-invoicing for millions of sellers, and processes more than a billion transactions annually. The company notes that its platform is designed for real-time compliance across digital and cross-border business models, and adds that this sets it apart from legacy providers built around ERP integrations and batch reporting. Notable clients include Canva, Uber, Netflix, Nebius, and Booking.com
Edge is an indirect tax compliance system used by global enterprises across industries to manage VAT/GST compliance reporting, e-filing, transactional data management, and tax analytics. The acquisition seeks to bridge a long-standing gap in indirect tax technology.
According to Fonoa, enterprise tax teams currently handle upstream processes such as tax determination and e-invoicing in separate systems from downstream compliance reporting and filing. Together, Fonoa and Edge now encompass the entire indirect tax lifecycle within a single data model: from tax ID validation and real-time determination to e-invoicing and return submission.
“Fonoa is perfectly placed to provide the dedicated expertise, focus and investment needed to build and scale the Edge platform at the pace today’s market demands. As a specialist tax technology leader, Fonoa will accelerate innovation with AI, expand engineering capability and respond swiftly to regulatory change while at the same time PwC will continue to deliver deep indirect tax expertise, global reach and tech-enabled managed services to help clients,” said Peter Michalowski, Global Indirect Tax Network Leader at PwC.
Fonoa plans to further develop Edge following the acquisition from PwC, integrating it with its modular tax infrastructure and AI layer. PwC will continue to deliver global indirect tax reporting and consulting services through Edge as part of Fonoa’s AI-empowered, fully integrated tax operating system. With new capital and the acquisition of Edge, Fonoa plans to expand its platform to cover the full indirect tax lifecycle.
Read the orginal article: https://www.eu-startups.com/2026/05/dublins-ai-taxtech-startup-fonoa-raises-e94-4-million-series-c-and-buys-pwcs-tax-platform/
