AI-driven tax compliance solution provider Blue Dot secured $32m in a Series C round led by Ibex Investors in partnership with Lutetia Technology Partners.
Existing investors Lamaison Partners, Viola and Target Global also participated in the round. With the latest round, the Israel-based startup has raised $96m to date.
The funding will support its expansion into North America and Europe as the demand for digital tax compliance solutions continues to escalate.
Originally named VATBox, the startup was launched in 2013 and focused on providing tax and goods and services tax recovery. Blue dot’s platform identifies and calculates any qualified, eligible and recoverable VAT spend alongside ensuring compliance across multiple jurisdictions. Since then, it has expanded to cover other tax-compliance matters, including employee benefit taxation and corporate income tax expense deductibility.
Blue dot boasts of a clientele which includes the likes of Amazon, Dell, Cisco, GSK, Vestas and Michelin.
Commenting on the round, Blue dot CEO Isaac Saft said, “The announcement on the completion of the round and the branding change has come on the back of several significant milestones, beginning with the demand from the market to expand our tech beyond VAT challenges and use our capabilities to solve greater problems.
“We have also signed a strategic agreement with SAP Concur, an organization that provides a system for managing employee expenses for over 50,000 companies worldwide. Our solution is being sold by SAP Concur as its official solution for the challenge of data and tax assurance.”
Highlighting the growth in the sector Ibex Investors managing director Gal Gitter, who will be joining Blue dot’s board of directors, added, “We believe that Blue dot will change the way in which organisations across the world manage their business with the tax authorities and ensure they receive the returns they are entitled to. The more decentralized the purchasing process in an organization becomes, the more organizations will be seeking ways in which to substitute the complex and manual tax reporting methods with automated solutions.”
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