As per the latest reports, TaxBit has made an announcement in regards to a successful funding round. TaxBit is prominently known as a developer for cryptocurrency tax software, which is based in the United States.
Although TaxBit is a startup, it is already among the list of crypto-unicorns. Just recently, the firm has concluded funding round, which has increased the firm’s evaluation even more. In addition to market valuation, the firm has managed to generate a tremendously high amount of funds.
The United States-based firm has announced that from the particular funding round, it has managed to generate $130 million. Following the conclusion of a successful funding round, the total market valuation of the company has crossed the $1.3 billion mark.
TaxBit reportedly made an announcement in regards to the completion of its funding round on August 12, 2021. According to the announcement, the firms that led the funding round for TaxBit were IVP and Insight Partners.
The particular funding round that reportedly helped TaxBit generate $130 million was titled the “Series B” funding round. The firm witnessed the support and backing of several prominent personalities and firms from the cryptocurrency industry.
One of the most prominent personalities that honored the funding round for TaxBit was Anthony Pompliano, commonly known as “Pomp”. Pomp is prominently known as a die-hard fan and bull of Bitcoin. No matter the situation, Pomp is always seen supporting the market position and presence of Bitcoin.
Other participants that made huge contributions to the funding round were Madrona Venture Group, Sapphire Ventures, 9Yards Capital, Paradigm, and Tiger Global. With the completion of the funding round, the new and actual market valuation of TaxBit is now $1.33 billion.
TaxBit has revealed that with the help of generated funds, it is going to scale its accounting offerings and tax systems. The funds will also help TaxBit open up news offices in the United States and the other country it plans on opening offices in the United Kingdom.
As the title suggests, it is the second fundraiser held by TaxBit and the first “Series A” funding round was held back in March of 2021. In the month of March, TaxBit had carried out a successful funding round that helped it generate $100 million.
With the funds raised in the initial funding round, TaxBit made its way to the United Kingdom market and opened up its offices there. This year, TaxBit revealed that it had successfully set up and opened an office in Seattle.
With its new office, it is going to provide tax calculation support as well as data analysis for cryptocurrency-related transactions. The US taxpayers would use the support of TaxBit in order to file their tax reports at the Internal Revenue Service (IRS).