Staxxer, a Netherlands-based platform for VAT compliance in e-commerce, has reportedly raised €1m in funding.
The investment capital was supplied by the Development Agency for the Northern Netherlands, G-Force Capital, Dwarfs CEO Demian Beenakker and Whoppah CFO Martijn Leenaerts, according to a report from Silicon Canals.
With the funds, Staxxer plans to enhance its software and expand its services internationally, initially focusing on Denmark.
The VAT compliance company is also building practical financial tools to provide insight into sales.
Founded in 2021, Staxxer is a cloud-based automated VAT compliance software stack for e-commerce in Europe. Clients simply have to connect their marketplaces and webshops and the system can automate European VAT compliance. Its platform also provides direct insight into VAT due per country.
Staxxer co-founder Ties den Dekker said, “With Staxxer we want to refresh and automate the dusty image of VAT administration. The hourly invoice era within this sector can also be different. After all, the software is not only more accurate in calculating VAT obligations, but automation also makes it more affordable and easier for the customer. That fits seamlessly with the needs of the e-commerce industry.”
Within one year, the company has grown its customer base from 50 to about 400, according to Silicon Canals.
FinTech deal activity increased by 12% in 2022 in the Netherlands, compared to the previous year, according to data from FinTech Global. Despite the rise in activity, the total amount of capital invested dropped by 60%.
A total of $586m was invested across 75 deals in 2022, while $1.4bn was invested through 67 transactions in 2021.
The most popular sector in the country during 2022 was RegTech. Of the total 75 deals, 13 were for RegTech companies. This was followed by blockchain and crypto with 12 deals and WealthTech with 11 deals.
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