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TaxBit co-founders Justin Woodward (left) and Austin Woodward (right). Photo: TaxBit, Shutterstock.

Crypto Software Startup TaxBit Triples Valuation in Insight-Led Round

Photo: TaxBit co-founders Justin Woodward (left) and Austin Woodward (right). Photo: TaxBit, Shutterstock.

TaxBit, a startup that develops tax software for traders of cryptocurrency, is raising over $100 million at a $1.5 billion valuation in a new funding round, according to three people with direct knowledge of the matter. Insight Partners, a New York-based VC firm, is one of the lead investors, one of the people said. The new round would more than triple TaxBit’s valuation from its last round, raised just five months ago.

The deal comes as Congress weighs provisions in President Biden’s $1.2 trillion infrastructure plan that would subject cryptocurrency businesses to more stringent tax-reporting requirements. The investment, which hasn’t closed, is also the latest in a slew of crypto VC deals fueled in part by investor excitement around crypto trading platform Coinbase’s April direct listing.

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