TaxBit Reaches $1.33B Valuation After $130M Series B Funding

by Gordon Gottsegen
August 13, 2021
TaxBit team photo
Photo: TaxBit

One of the newest startups to enter the Seattle tech scene has already solidified its status as a unicorn.

On Thursday, tax software startup TaxBit announced the closing of its $130 million Series B funding round, which was led by IVP and Insight Partners. This new funding — which comes just five months after its $100 million Series A — brings TaxBit’s valuation to $1.33 billion.

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TaxBit has built tax and accounting software that helps organizations and individuals file their taxes, manage portfolios and make trades that minimize the impact of taxes. TaxBit specializes in taxes for commodities, equities and other digital asset investments — like cryptocurrency. Providing tax software for cryptocurrency investments is especially useful as crypto becomes more mainstream and something that both individuals and companies invest in.

TaxBit, which was initially based in Utah, announced in July that it was opening its second headquarters in Seattle. In that announcement, the company also revealed that it would be doubling its employee headcount by the end of the year. This new funding will help the company with that hiring push, as well as allow TaxBit to scale its product offering. TaxBit currently has over a dozen open job listings in Seattle for roles across various departments.

“We are living in a time where everything is going digital, including traditional assets,” TaxBit CEO Austin Woodward said in a statement. “As we’ve built and deployed modern tax and accounting software tailored to digital assets, it’s become clear that legacy tax information reporting solutions are built on antiquated technology that provides a poor client experience. TaxBit is changing the game by providing clients and their users modern, real-time technology that affords visibility and tax optimization opportunities throughout the year.”

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