Crypto tax software provider TaxBit has netted an investment from Haun Ventures.
The venture capital firm formed by former federal prosecutor and Andreessen Horowitz general partner Katie Haun is seeking to help develop crypto firms through funding and engagement with policymakers and regulators. News broke that Haun raised $1.5 billion for two crypto-focused VC funds in March of this year. Since then, the funds have invested in non-fungible token platforms and web3 community builders among other projects.
TaxBit is its latest strategic investment, which comes in the wake of a considerable uptick in regulatory scrutiny around crypto tax reporting. A provision in last year’s Infrastructure Investment and Jobs Act expanded the definition of “broker” to cryptocurrency network participants, meaning more tax standardization for crypto firms is on the table for next tax season. TaxBit provides software to help accountants and investors compliantly meet these tax burdens.
“The Haun Ventures team shares TaxBit’s vision of working with regulators to propel responsible regulation that enables digital asset adoption at scale,” said TaxBit founder and CEO Austin Woodward in the announcement.
TaxBit reached a unicorn valuation of $1.33 billion after a $130 million Series B round in August of last year. That came just five months after a $100 million Series A round.