TaxScouts raises £5m in Series A funding led by Octopus Ventures to fuel European expansion.
The Series A round was led by Octopus Ventures with participation from Clocktower Technology Ventures, Speedinvest, Seedcamp and Finch Capital.
TaxScouts provides digital personal tax preparation and filing services designed to simplify self-assessment for individuals in the UK. The platform connects users with certified accountants to handle tax returns quickly and affordably.
TaxScouts has secured £5m in a Series A funding round led by Octopus Ventures. The round saw participation from US-based Clocktower Technology Ventures alongside returning investors Speedinvest, Seedcamp and Finch Capital.
The fresh capital will be deployed to support international expansion, beginning with the launch of operations in Spain following the appointment of a local Country Manager. Additionally, the funds will be used to scale the engineering, product, and marketing teams to support new product development.
From the founder
"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."
Mart Abramov
Co-Founder and CEO at TaxScouts
Investor perspective
"We all know tax can be a nightmare, and for many, it can fill us with a sense of dread. It’s one of those things we know we have to do, but we don’t rush to do. TaxScouts changes this. What seems like a difficult task for an individual, becomes quick and easy. Having seen the success of TaxScouts and the potential for this to be replicated in other markets with complex tax systems, we see a huge potential for one service that works for everyone."
Nick Sando
Principal, Octopus Ventures
Use of funds
- 01Expand into international markets
- 02Grow the team
- 03Continue product development
Investors
Nick Sando
Octopus Ventures
Clocktower Technology Ventures
Anthony Danon
Speedinvest
Seedcamp
Finch Capital