Fonoa Acquires PwC's Tax Platform and Raises $110M to Build Category-Defining AI Tax System
The Series C was led by Headline and included participation from new investors Eurazeo and Forestay Capital, alongside existing investors Index Ventures, OMERS, Coatue, and Dawn Capital.
Fonoa, the AI tax operating system for global businesses, today made two major announcements to deepen its leadership in global indirect tax compliance: the acquisition of Indirect Tax Edge (Edge) from PricewaterhouseCoopers (PwC) and a $110 million Series C led by Headline and included participation from new investors Eurazeo and Forestay Capital, alongside existing investors Index Ventures, OMERS, Coatue, and Dawn Capital.
Fonoa will further develop Edge following the acquisition from PwC, integrating it with Fonoa's 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.
“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,” said Davor Tremac, CEO and Co-Founder of Fonoa. “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.”
