Loc.tax raises US$3.6M to help multinational companies manage their international tax, risk and compliance workloads
London, February 18, 2021
Recent financing allows Loc.tax to double down on developing its collaborative tax management platform, serving fast-scaling multinational companies globally.
Loc.tax, a collaborative tax management platform for multinational companies, today announced a US$3.6 million seed round led by Cavalry Ventures, with additional backing from Seedcamp, Mustard Seed Maze and Amaranthine, as well as European angel investors and industry insiders.
Founded by a team from Belgium and Lithuania, and headquartered out of London, Loc.tax empowers internal tax teams at multinationals to achieve sustainable tax governance with a ‘tax operating system’ that unlocks always-up-to-date company data, international tax rule insights, visual analysis and sophisticated team collaboration.
As the digital transformation opportunity accelerates globally, tax professionals at fast-scaling multinational companies must address the increasing complexity that happens alongside rapid business expansion. These international tax teams also face an ever-increasing cascade of regulatory changes proposed by governments across the globe seeking to align taxation with value creation to ensure fair and transparent tax contributions, from proliferating digital services tax regimes to the OECD Base Erosion and Profit Shifting Program, to EU-level initiatives.
“Most fast-scaling companies turn to the Big Four accounting firms to outsource the handling of accelerating international tax complexity, denying themselves the opportunity to empower their internal functions and capture strategic tax data value. Loc.tax provides a collaborative platform that makes tax teams in hyper-growth mode stay on top of the ever-changing international tax, risk and compliance workloads, while enabling transparency with internal and externalstakeholders, including auditors and tax authorities. We are delighted to have the support of well-respected investors on our mission.” – says Hans Kayaert, co-founder and CEO of Loc.tax.
The Loc.tax platform combines unique data-collaboration features with an up-to-date international tax rule engine, enabling tax departments to reach new levels of operational maturity. This drives proactive regulatory preparedness, but also enables tax professionals to much better support their CFO with strategic decision making.
This investment round will be used to expand Loc.tax’s development team and accelerate the growth of its subscription tax management platform.
“Loc.tax provides an unseen level of transparency, drastically decreasing the time and resources needed to make strategic tax decisions. This is an absolute game-changer, and we are very excited to back Hans, Kasparas, Bart and Stevi!” – says Stefan Walter, managing partner at Cavalry Ventures.
“Almost all the key functions of multinational organisations have greatly benefited from the adoption of modern, collaborative software, but the tax function is one that has been overlooked until now. Loc.tax is about to change this.” – says Sia Houchangnia, partner at Seedcamp.
Notes to editor:
Founded by Hans Kayaert, Kasparas Aleknavičius, Bart Van Remortele and Stevi Frooninckx in the early days of the current global pandemic, Loc.tax has its “remote-first” roots in London, Leuven and Amsterdam.
The origins of Loc.tax trace back to Hans and Stevi working together on the day-to-day international tax challenges of a large multinational company, and ultimately realizing that there must be a better way. Ever since joining forces with an expert chief technology officer (CTO) and chief product officer (CPO) leadership combination – Bart and Kasparas – the team has been on a mission to help internal tax teams at multinational companies design, plan, assign, track, report, manage and collaboratively control their international tax workload.
Loc.tax is hiring for engineering roles at https://jobs.loc.tax/
● Lena Ostrovskih, Communications Lead at Cavalry Ventures, +49 172 495 30 68, [email protected]
About Cavalry Ventures
Cavalry Ventures is one of the leading European early-stage funds focusing on pre-seed and seed stages. With the launch of the second fund generation in 2019, Cavalry Ventures manages a total volume of €100 million.
Cavalry Ventures was founded in 2016 by Rouven Dresselhaus, Claude Ritter, Stefan Walter, Markus Fuhrmann, Marcel Hollerbach and Dominik Matyka. In addition to the expertise of the partners, the portfolio companies gain access to a cross-sector, global and exclusive network of more than 180 angel investors, entrepreneurs, scientists, business experts, and more, who provide advisory and operational support in areas such as strategy, organisational development, product development, sales, international expansion, recruiting and marketing.
The portfolio comprises more than 30 companies, including companies such as McMakler, REKKI, PlanRadar and Forto. Cavalry Ventures is headquartered in Berlin and invests across Europe. For more information: www.cavalry.vc.
Seedcamp is Europe’s seed fund, identifying and investing early in world-class founders attacking large, global markets and solving real problems using technology.
The Seedcamp Nation includes more than 370 startups building breakout businesses that change the way people live, interact and buy. Its portfolio includes European decacorn UiPath
and unicorns TransferWise, Revolut and Hopin, along with fast-growing businesses such as wefox, Grover, Viz.ai, Sorare and Trussle.
Seedcamp fast-tracks a founder’s vision and creates value through immediate access to smart capital, a lifelong community of support, and a global network built upon more than a decade’s experience backing exceptional talent.