How Much Did TaxBit Raise? Headquarters, Funding & Key Investors

TaxBit has raised $237M in funding through multiple rounds: $750K Seed (Dec 2018), $5M Seed (Jan 2020), $100M Series A (Jan 2021), $130M Series B (Aug 2021), $2M Venture (Jan 2022), $15.6M Venture (Jan 2023), undisclosed Venture (May 2022), and undisclosed Venture (Apr 2024). Key investors include Album VC, Paradigm, Tiger Global Management, Insight Partners, IVP, Alameda Research, Haun Ventures, and IQT. TaxBit, valued at $1.33B as of Aug 12, 2021, provides crypto and digital asset tax management and accounting solutions for individuals, enterprises, and governments.

How Much Did TaxBit Raise? Funding & Key Investors

TaxBit, founded in 2018 in Salt Lake City, United States, develops crypto tax management and accounting solutions for individuals and businesses. The company offers tools for tax computation, portfolio analytics, returns filing, and audit for cryptocurrencies, equities, commodities, and fiat currencies. Available through subscription-based plans, TaxBit serves enterprises and governments with secure, compliant, and automated accounting and reporting solutions.

What Is TaxBit and What Does It Do?

TaxBit, founded in 2018 by Justin Woodward, Austin Woodward, Brandon Woodward, and Bobby Clayson, is a Salt Lake City-based (United States) company. It provides cryptocurrency and digital asset tax management, portfolio analytics, returns filing, and audit solutions for individuals, businesses, and government entities.

With a workforce of 101-250 employees, TaxBit leverages automated software to simplify tax compliance, financial reporting, and accounting for digital assets. The platform ensures regulatory compliance, accuracy, and efficiency for crypto and multi-asset financial management.

How Much Funding Has TaxBit Raised?

*1. Seed Round* • Amount Raised: $750K
• Date: December 2018
• Lead Investors: Album VC
• Motivation: To kickstart the development of cryptocurrency tax and accounting software.

*2. Seed Round* • Amount Raised: $5M
• Date: January 2020
• Motivation: To expand the team and accelerate product development.

*3. Series A* • Amount Raised: $100M
• Date: January 2021
• Lead Investors: Paradigm, Tiger Global Management
• Motivation: To scale operations and enhance the platform's capabilities.

*4. Series B* • Amount Raised: $130M
• Date: August 2021
• Lead Investors: Insight Partners, IVP
• Motivation: To support global expansion and product innovation.

*5. Venture Round* • Amount Raised: $2M
• Date: January 2022
• Lead Investors: Alameda Research
• Motivation: To enhance platform security and compliance features.

*6. Venture Round* • Amount Raised: $15.6M
• Date: January 2023
• Motivation: To expand market reach and customer base.

Total Funding Raised: $237 Million

Current Valuation: $1.33 Billion (as of August 2021)

Latest Funding Date: April 2024

Key Investors

*1. IQT* • Details: In-Q-Tel is a not-for-profit VC investing in technology for the U.S. intelligence community.
• Investment Focus Areas: Technology for national security.
• Notable Investments: Palantir Technologies, Keyhole (acquired by Google).
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*2. Haun Ventures* • Details: Venture capital firm focused on Web3 and blockchain technologies.
• Investment Focus Areas: Web3, blockchain technologies.
• Notable Investments: OpenSea, Autograph.

*3. Alameda Research* • Details: Quantitative cryptocurrency trading firm and liquidity provider.
• Investment Focus Areas: Cryptocurrency trading, liquidity.
• Notable Investments: FTX, Solana.

*4. Insight Partners* • Details: Global private equity and VC firm investing in growth-stage technology companies.
• Investment Focus Areas: Growth-stage technology, software.
• Notable Investments: Twitter, Shopify.

*5. IVP* • Details: Later-stage VC focused on technology companies.
• Investment Focus Areas: Later-stage technology companies.
• Notable Investments: Slack, Snap.

Where Is TaxBit’s Headquarters?

TaxBit is headquartered in Salt Lake City, United States, providing access to a growing tech ecosystem, skilled talent, and strategic partnerships in the fintech and cryptocurrency industry.

What’s Next for TaxBit?

TaxBit aims to expand its crypto and digital asset accounting solutions for commercial, enterprise, and government clients. Leveraging strategic investments from IQT and other investors, the company plans to enhance security, compliance, and automation features while broadening its market presence to serve the global digital economy. Innovations in blockchain, AI-driven tax computations, and portfolio management are key growth priorities.

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