The Dublin-registered tax-tech firm paired a Series C led by Headline with the acquisition of PwC’s Indirect Tax Edge, a bet that periodic compliance is giving way to real-time.
Indirect tax is the kind of problem most people never think about until a government decides to watch every transaction in real time.
That is now happening across much of the world, and Fonoa has just raised $110 million and bought a piece of PwC on the strength of it.The company announced both moves together, framing them as one bet rather than two.
The funding is a Series C led by the venture firm Headline, with new investors Eurazeo and Forestay Capital joining existing backers including Index Ventures, OMERS, Coatue and Dawn Capital. Fonoa, registered in Dublin and run by co-founder and chief executive Davor Tremac, did not disclose a valuation.
The capital, the company said, will go toward building more autonomous, AI-driven intelligence into its compliance platform.
