TaxBit, a cryptocurrency tax and accounting software startup recently raised massive funding that thrust its valuation to higher than $1.3 billion.
The Utah-based company raised $130 million in a Series B round led by venture firms IVP and Insight Partners. Tiger Global Management, Paradigm and 9Yards were also amongst the investors.
With this, TaxBit has sprung to unicorn status amid the boom in cryptocurrency buying, and the startup explores to cut through the complexity by allowing individuals and institutions tools to trace portfolios and trades and clarify tax reporting.
Further, TaxBit prepares to announce “dozens” of partnerships with banks, exchanges and brokerages, as well as tax authorities in the UK and European Union, in the coming months.
The Salt Lake City company was founded in 2018 by Austin, an accountant, and his brother, Justin Woodward, a tax lawyer, and inspired by Austin’s tiresome struggle attempting to file taxes on his cryptocurrency investments.
The company has about 100 workers and has an aim of multiplying headcount by year-end. Last month, TaxBit opened a second headquarters in Seattle, and there are plans to open additional offices across the US and in the UK.