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New round of financing
Next unicorn is here: tax app Taxfix cracks billion valuation
The tool that consumers use to get money back from the tax office is now part of the German unicorn club. Meanwhile, Taxfix is apparently preparing for the IPO.
All signs point to growth: CEO Martin Ott helps the tax startup Taxfix to achieve unicorn status
Tobias Koch
Fintech investors have long had their sights set on the tax app Taxfix as a promising candidate for a valuation worth billions. Now the startup is making it official: Taxfix CEO Martin Ott announced that he had raised 209 million euros ($220 million) in a new round of financing. The overall valuation of the fintech is over one billion dollars – Taxfix is becoming a unicorn. The fintech is thus also fueling speculation about an imminent IPO.
The lead investor is Canadian venture capital fund Teachers' Venture Growth (TVG), which helps tech companies expand into new markets and prepare them for IPOs. In addition, the VC is also strengthening the board of fintechs: The entrepreneur and Managing Director at TVG, Avid Larizadeh Duggan, is appointed to the Taxfix Board.
The existing investors Index Ventures from London, Peter Thiel's VC company Valar Ventures, Redalpine and the Berlin early-stage investor Creandum are also participating in the financing round. The Berliners now want to invest the money in their international growth, expand their team and offer new financial services in the app. For example, a tool is to be introduced that will allow users to have half of their tax refunds paid out within one day. In addition, there will soon be a separate app version for pensioners.
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In the app, end users receive help with preparing their tax return by answering step-by-step questions about their finances. Taxifix transmits the data to the tax office in the correct form and calculates refunds. According to the fintech, it has so far processed more than one billion euros in tax refunds for users. The founders Mathis Büchi and Lino Teuteberg had the idea for the start-up in 2016. Büchi handed over the top post to the former Facebook manager Martin Ott last year, but will retain his shares in the company and remain a member of the supervisory board.
Sales remain a secret
In general, the software company renewed its management team in 2021: Björn Heckel, formerly Director of Engineering at Uber, has been appointed the new CTO. The founders also hired Deutsche Bank manager Franziska von Arnim as CFO.
In addition to Germany, the app has so far been available in France, Italy and Spain – since the beginning of 2022, Taxfix has also had a location in Spain and employs a total of over 500 people. When it comes to the question of how the tax start-up is financially positioned, the latest announcement does not provide much information. There is vague talk of "strong sales figures" and the doubling of sales in the first quarter of 2022. According to projections, the startup should have generated sales of around 40 million euros in 2021. One thing is certain: Taxfix is not yet profitable.
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