#Growups to watch
Unicorn Taxfix is really hot and hot! The startup, which presents itself as a mobile assistant for tax returns, was recently valued at around $1 billion for the first time. In 2020, Taxfix generated sales of 13.3 million euros. The previous year it was only 4.5 million.
rhinoceros in berlin tax reformFounded in 2016, is one of the most important German startups. Teachers’ Venture Growth (TVG), the investment arm of the Ontario Teachers’ Pension Plan (OTPP) and long-term investors Valar Ventures, Creandum and Redalpine recently invested approximately $220 million in Taxfix. The valuation rose to about $1 billion and thus to the level of a unicorn for the first time. “With the financing, we will drive rapid international growth and product expansion to include other financial services,” the company said of the investment round. Here are 5 things everyone should know about TaxTech-Unicorn Taxfix.
Taxfix, which positions itself as a mobile assistant for tax returns, was founded in 2016 by Mathis Büchi and Lino Teuteberg. Together with Manuel Stover, the duo previously created the startup smallpdf, a PDF editing platform. Recently, the site recorded 30 million visitors per month. We have solved the problem of millions of taxpayers in this country giving up their tax refund, which averages €875. Much of this is because many people shy away from the hassles of filing their own tax returns,” co-founder Büchi said at the launch of Taxfix. Büchi ran the company until 2021, when seasoned CEO Martin Ott took over the young company’s CEO. Currently 500 employees of Taxfix.
Billionaire investor Teachers’ Venture Growth (TVG), the investment arm of the Ontario Teachers’ Pension Plan (OTPP) and long-term investors Valar Ventures (Peter Thiel), Creandum and Redalpine invested an impressive $220 million in Taxfix in April 2022.Index Ventures and current investors Valar Ventures, Creandum and Redalpine previously invested $65 million in Taxfix in the summer of 2020. N26 investor Valar Ventures, Creandum and Redalpine previously invested $20 million in the Berlin tax startup. A total of $335 million has already been poured into the company.
Taxfix’s valuation rose to about $1 billion during the last investment round and thus to the level of a rhinoceros for the first time. Two years ago, the young company was said to be estimated at 300 million euros.
Users can download Taxfix app for free and get their tax refund at no cost. The fee (currently: €39.99) is only due when users submit their tax returns with Taxfix. Married couples or registered partners pay €59.99. Initially, it was free to use Taxfix until a 50 euro tax refund. After that, a “one-time payment of €34.99 per tax year” was to be paid. Regarding the strategy, the current annual report states: “Taxfix’s objectives envisage diversification of the business model according to dimensions of internationalization and new types of sales. In the medium term, Taxfix positions itself not as a service provider for simplifying tax returns, but also as a financial assistant to end consumers. Even Now, this market is served by service providers that focus primarily on customers in the higher income bracket.”
In 2020, Taxfix generated sales of 13.3 million euros. The previous year it was only 4.5 million. Taxfix continued its strong sales growth in 2020, with the core business in Germany achieving all of its targets. As planned, this is due to increased brand awareness, product improvement and increased marketing spend. Net loss for the year was 32.5 million (previous year: 14.6 million). In total, the creation of Taxfix by the end of 2020 cost 40.2 million euros.
Taxfix founder Lino Teuteberg in an interview
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