Loctax’s next step: Announcing our Series A
Reading a raise announcement can feel a bit like tax reporting. Digging through pages of superfluous information to try and find the relevant details, and inevitably ending up wishing you'd never started.
With that in mind, we’re going to spare you the spiel. Today, we’re announcing that we’ve raised a $12m Series A funding round. Here are the ins and outs.
The round’s been led by Index Ventures – backers of the likes of Deliveroo, Figma, Slack, Dropbox and Glossier.
Our existing backers Cavalry Ventures and Seedcamp have also played a key role. We’ve been pleased to welcome some angel investors as well, including the CFO of Revolut and the CEO of Checkout.com.
Why is this important?
More than ever, companies need full control over their current and future tax responsibilities. And the challenges that in-house tax teams face are only growing in complexity.
Last week, the OECD highlighted that a staggering 1 in 3 companies in member countries are still perceived by tax authorities as being non-transparent about their tax reporting. This isn’t sustainable.
With 85% of companies expecting an increase in stakeholder interest in their tax behaviour over the next 3 years, the demands placed on corporates from regulators and stakeholders to show transparency and strong governance credentials are constantly evolving.
How will we use the funding?
We’re going to double down on developing the Loctax platform, combining up-to-date company data, international tax rules, visual intelligence, and collaboration tools to help businesses achieve total control over their tax governance.
This new funding will also be put to work to grow our presence across the UK and EU. We’re also going to expand our partnerships with the tax and professional advisory sector to ensure Loctax reaches even more tax teams.
A few words of thanks
None of this would have been possible without my incredible co-founders Stevi, Kasparas and Bart, the wider Loctax team and advisors, our investor partners – and above all, our users.
I’d also like to thank the Academy, my dog, my yoga instruc... just kidding.