Cryptocurrency startup TaxBit, which just opened a new HQ in Seattle, lands $130M at $1.33B valuation – GeekWire
TaxBit, a cryptocurrency tax and accounting firm which opened a second headquarters in Seattle this summer, has raised $130 million in new funding. The funding round pushes the company’s valuation to $1.33 billion.
The company, founded by brothers Austin and Justin Woodward in 2018, helps consumers, enterprises and governments report their cryptocurrency tax reporting and accounting.
TaxBit will use the new funding to double its workforce by the end of the year. It also plans to open new offices across the U.S. and the United Kingdom.
The funding comes five months after TaxBit raised $100 million earlier this year and partnered with the IRS. TaxBit was founded in Salt Lake City, but opened its Seattle headquarters last month. It employs less than 10 people in Seattle and hopes to have 40 people at its “HQ2″ by the end of the year. TaxBit has around 80 total employees.
The latest funding round was led by IVP and Insight Partners. Seattle-based firm Madrona Venture Group also participated, investing out of its second “Acceleration Fund” designed for more mature companies located across North America.
“TaxBit is our newest investment in an area we helped define – Intelligent Applications,” Madrona’s John Torrey wrote in a blog post. “Intelligent Apps combine data and machine learning to provide real-time, actionable insight into business and consumer applications – and we believe Intelligent Apps will disrupt and replace the 1st generation of cloud applications we’ve come to know.”
Torrey, a former Qualtrics exec, noted that TaxBit’s team includes several former Qualtrics employees. TaxBit in some ways is following in the footsteps of Qualtrics, which was also started in Utah but opened a co-headquarters in Seattle.