Fonoa
Irish taxtech founded by ex-Uber alumni, helping global companies manage tax determination, e-invoicing, reporting and compliance across 100+ countries.
Europe's most interesting startup stories. Every week.
No spam. Unsubscribe anytime.
Podcast Episode
🎙️ Deep Dive
Fonoa, Geordie AI, MokN — $110M tax AI, agent governance and identity recovery — Daily News May 29, 2026
Listen to the episodeAbout Fonoa
Fonoa was founded in 2019 by three Uber alumni — Davor Tremac, Filip Sturman and Ivan Ivankovic — with the goal of solving the tax complexity they had experienced working at one of the first technology companies to operate at global scale. The platform covers the full indirect tax lifecycle: tax determination, e-invoicing, tax reporting and compliance in over 100 countries. In May 2026, Fonoa announced the acquisition of Indirect Tax Edge, PwC's tax platform, alongside a $110M Series C co-led by Headline and Eurazeo.
The Story
Founded in 2019 by Davor Tremac, Filip Sturman and Ivan Ivankovic, three former Uber employees who had experienced first-hand the complexity of global taxation in digital platforms.
How Fonoa works
Business Model
B2B SaaS for enterprise companies with cross-border operations.
Revenue Model
Not verified; likely SaaS subscription with per-transaction or per-jurisdiction pricing.
Products & Services
Key Products
- Fonoa Tax Platform
- Indirect Tax Edge (acquired from PwC)
- Tax Determination API
- E-invoicing module
- Tax Reporting module
Core Use Cases
- Indirect tax determination
- E-invoicing compliance
- Tax reporting
- Multi-jurisdiction compliance
- Digital services taxation
Market & Clients
Key Customers
Global enterprise companies including digital platforms and cross-border businesses; specific customers not disclosed.
Geographic Presence
How Fonoa competes
Competitors
Competitive Advantages
- Founded by tax-experienced Uber alumni
- 100+ country coverage
- Acquisition of PwC's Indirect Tax Edge
- AI-native architecture
How Fonoa grows
Growth Strategy
Expand jurisdictional coverage, deepen AI capabilities and scale customer base with PwC channel.
Distribution Model
Direct enterprise sales; PwC partnership channel post-acquisition.
Moat (Defensibility)
Jurisdictional coverage, regulatory update engine and trusted enterprise relationships from PwC acquisition.
Regulatory Context
Core product: indirect tax compliance, VAT, GST, e-invoicing mandates across 100+ countries.
Key Risks
- Regulatory changes in key markets
- Competition from large compliance software vendors
- Integration complexity post-acquisition
Strategic Insights
- Global tax compliance is a structural problem for any digital company scaling internationally.
- Acquiring a platform from a Big 4 firm signals that the boundary between consulting and software is shifting.
- Tax AI is a high-barrier market — continuous regulatory updates favour those who already have coverage.
Funding & Investors
Funding Rounds
- 2026 - Series C: $110M
Lead: Headline, Eurazeo
Key Investors
Founding Team
Founders
Key Metrics
Lessons from Fonoa
- Infrastructure problems you encounter working at large companies are often startup opportunities.
- In regulated markets, customer trust is as important as the product: founders with enterprise track records start with an advantage.
- Acquiring a product from an incumbent can compress years of roadmap into a few months.
Similar Startups
33 FINANCE . O IN FORMA ABBREVIATA 33 FINANCE
Do you have any questions? Find the answers here.
Read AnalysisARGUSONE O IN ALTERNATIVA ARGUS ONE
The AI platform that transforms data, documents and professional expertise into tracked evidence and decision-ready deliverables.
Read AnalysisCENTRO STUDI AGEVOLA
Subsidized finance, Ordinary finance, Extraordinary finance, Fundraising, Tax credit
Read Analysis