BDO advises Accel on investment in leading taxtech company Taxdoo
20 January 2021
BDO has advised the venture capital specialist Accel on an investment in Taxdoo. The growth capital totalling 17 million euros is earmarked for implementing the provider’s international expansion plans and product development.
An interdisciplinary team from BDO AG Wirtschaftsprüfungsgesellschaft in Munich, headed by Nicolas von Westberg (Corporate Finance), advised Accel on the matter.
Visionaries Club, 20VC and the existing investor High-Tech Gründerfonds (HTGF) also took part in the financing. Taxdoo is receiving a total of 17 million euros as a result. The round of financing will be used to implement Taxdoo’s growth plans, with particular focus on international expansion and product development.
Taxdoo is an automated financial compliance platform for the digital economy. It makes it easier for online businesses and tax consultants to handle international VAT and financial accounting while meeting compliance requirements. Taxdoo provides support for more than 1,000 customers through its automated platform. In December 2020, the firm won the TAXCELLENCE Award 2020 as best “Tax Technology Solution”. The Hamburg-based start-up was established in 2016 by Matthias Allmendinger, Roger Gothmann and Christian Königsheim.
Accel operates worldwide as a venture capital firm and assists private companies in all stages of growth. Previous investments include Braintree, Celonis, Deliveroo, DJI, Dropbox, Facebook and Spotify.