VAT start-up Taxdoo secures seed financing from HTGF
December 19, 2017
Taking the hassle out of cross-border VAT – Taxdoo has developed an API platform that automates international VAT compliance for online retailers and other companies. High-Tech Gründerfonds (HTGF) has provided the start-up with seed financing.
Hamburg-based VAT start-up Taxdoo has devised a system that automatically collects data from marketplaces, online shops and ERP systems and processes it in line with international VAT regulations. All relevant data is collected daily and monitored continuously. It is submitted to the respective financial authorities through an international network of VAT experts. The data can then be transferred seamlessly into financial accounting systems. A flexible API platform is at the heart of Taxdoo’s technology. It enables external developers to incorporate their own data sources and integrate individual Taxdoo products into their own solutions. Moving forward, larger companies from a range of industries shall also be able to manage their VAT compliance activities via the Taxdoo platform.
Taxdoo started out as an EXIST project at the University of Hamburg (Chair of Banking & Behavioral Finance, Prof. Nöth) in April 2016. It was founded by three former research associates at the university: Dr. Matthias Allmendinger, Roger Gothmann and Dr. Christian Königsheim. While his fellow founders bring experience in the field of technology, Roger Gothmann worked as a VAT inspector and as a coordinator for the international information exchange on VAT in the German Federal Central Tax Office. It is this combination of “tech and tax” that makes the Taxdoo team stand out from the crowd.
The start-up commenced operations in early 2017 and its revenues are already in six-figure territory. Taxdoo will use the funding to expand its team and further develop its technological platform. It is also planning to internationalise its customer base in 2018.
Dr. Christian Königsheim, co-founder of Taxdoo GmbH, says: “Our platform enables companies to completely automate their international VAT processing. HTGF is a perfect match for us in view of its extensive network of potential clients, collaboration partners and investors.”
Tobias Schulz, the HTGF investment manager responsible for Taxdoo, explains: “What convinced us most was how much the founders know about tax-related matters. Taxdoo is committed to delivering top-quality service – we see this as the most important component in the sensitive matter of VAT.”
About Taxdoo GmbH
Taxdoo was founded by Dr. Matthias Allmendinger, Roger Gothmann and Dr. Christian Königsheim in Hamburg in 2016. Taxdoo’s API-based platform enables online retailers and other companies to meet their international VAT obligations as part of an automated process. The five-strong Taxdoo team has won numerous awards and recently took home the audience prize at Startups@Reeperbahn 2017. For more information, please refer to the homepage at www.taxdoo.com.
High-Tech Gründerfonds (HTGF) is Germany’s most active seed stage investor. With a fund volume of around EUR 830 million (EUR 272 million HTGF I, EUR 304 million HTGF II, EUR 254 million HTGF III), it provides financing for young, innovative technology-driven start-ups and actively supports them in implementing their business idea. HTGF is active in a wide range of fields. The focus of its three investment teams is on hardware-related engineering, life science, chemicals and material science, as well as software, media and the internet. Up to EUR 3 million in funding is available for each company. In addition to its financial commitment, HTGF supports technology companies by giving them access to its team’s expertise as well as its extensive network of investors, experts, experienced managers, founders who have started numerous companies, and scouts. Investors in this public-private partnership include the Federal Ministry For Economic Affairs and Energy, the KfW Banking Group, and Fraunhofer-Gesellschaft e.V., as well as the companies ALTANA, BASF, B.Braun, Robert Bosch, BÜFA, CEWE, Deutsche Post DHL, Drillisch AG, EVONIK, EWE AG, Haniel, Hettich, Knauf, Körber, LANXESS, media + more venture Beteiligungs GmbH & Co. KG, PHOENIX CONTACT, Postbank, QIAGEN, RWE Generation SE, SAP, Schufa, Schwarz Gruppe, STIHL, Thüga, Vector Informatik and WACKER.