Based out of London, TaxScouts is a tax preparation platform that makes tax planning easier. Recently, the UK startup secured £5 million (approx €5.5 million) funding in Series A round for European expansion. This brings the total amount raised to €7.2 million to date.
The funding round was led by Octopus Ventures along with previous investors including SpeedInvest, Seedcamp, and Finch Capital. Also, Clocktower Technology Ventures, the US venture capital firm specialising in financial technology participated in the round.
Expands to Spain
Founded by Mart Abramov, Kaupo Kõrv, and Daniel Karger in 2017, TaxScouts is planning to expand its operation in Spain due to the size of the market and the complexity of the Spanish tax system.
TaxScouts combines automation and accountants to offer personalised online tax preparation at an affordable price. It helps in preventing last-minute hurry for taxpayers by automating personal income tax preparation.
Grown 5 times YoY
Since its inception, the company has grown over 5 times year-on-year, with the company expects to file tens of thousands of tax returns over the next year.
By paying a reasonable amount of €113, taxpayers can have an online simplified tax assessment that would further help them in understanding their personal income tax situation and thus, suggesting methods to decrease their tax bill and guiding the taxpayers on how to proceed forward.
Mart Abramov, co-founder, and CEO of TaxScouts, commented: “We see a huge amount of potential in launching TaxScouts into Spain. Naturally, the weather and the wine were considered when picking the market, but having successfully built a solution for one of the trickiest tax systems in Europe, we are confident that we can deliver another great product for Spain’s complex tax structure. The market is double that of the UK, and this is the first step to us building a Pan-European tax service. We will build the go-to solution for anyone across Europe to easily file their tax return regardless of its complexity. This investment will enable us to quickly scale up a team to support our new Country Manager in Madrid, and launch other new products in the UK.”
Main image credit: TaxScouts
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Got an investment from two investors but I haven’t incorporated. What document/contract should I prepare so I can receive the funds ASAP?
Hey everyone. I recently got an investment from two investors but I haven’t incorporated yet. I’m based in the Philippines and am about to incorporate my startup with the securities and exchange commission.
It’s a requirement here to have 5 incorporators in a corporation but this process will take a few months and my two investors will be incorporators.
The ideal scenario is we incorporate and they transfer the funds to our company bank account but since I haven’t incorporated there won’t be a company account until the next 2 months.
We need the cash and want to go back to real work ASAP.
What document is most appropriate for our situation?
Is a trust agreement wherein the investors agree to wire us the money to our personal accounts until we’ve incorporated enough? I have gone over some of the SAFE documents from YC -they’re really good – but doesn’t it assume I have already incorporated ? my startup isn’t a formal entity yet..