March 9, 2020
We are thrilled to announce our continued investment in Aibidia as they embark on the next stage of their mission to digitalise international tax as a result of a successful seed funding round led by Global Founders Capital and us at Icebreaker.vc, whose investments totals EUR 2.9 million. The equity funding is complemented by EUR 1.25 million from the Young Innovative Company funding program by Business Finland, aimed at supporting the most promising Finnish start-ups.
The leading investor, German Venture Capital fund, Global Founders Capital, has previously invested in companies that have revolutionised their industries, including Slack, Revolut, LinkedIn and DeliveryHero.
International taxation is an important topic with a large impact on society. Companies are spending €150 billion per year on transfer pricing compliance, which is unproductive. By combining in-depth legal, tax and economic expertise, they have developed a platform that improves their customers’ CbC data and analytics capabilities. The name is an acronym for how they put their business ideas into action: Artificial Intelligence, Business Intelligence, Digital Innovations, Ahead.
Their tool allows companies to manage world-wide CbC processes in a user-friendly way designed for tax professionals. Companies can also monitor transfer pricing (TP) processes in real-time and automate TP documentation.
“The biggest challenge in international taxation relates to transfer pricing. In essence, it boils down to the question of how to ensure a fair and transparent split of the global profit within multinational companies. We help companies solve this challenge. We are offering companies and tax authorities a digital platform that helps define and justify the global profit split while simultaneously automating the burdensome statutory reporting process.”, explains Aibidia’s CEO and founder Hannu-Tapani Leppänen.
We’re very excited about having backed Aibidia since 2018 as they are taking the next steps in solving transfer pricing with software. The team and company embodies everything that we look for when investing: large global markets, domain expertise, great technology. And passion!
“We have been working with Icebreaker.vc since 2018 and have benefitted from their support in many ways. We are excited to start collaborating with Global Founders Capital who thoroughly know what is required to scale up a company. Both of these VCs are truly interested in their portfolio companies and are not just putting in money but also their time, expertise and networks, which is even more important than the funding.”, says Leppänen.
Previously, in developing its digitisation, Aibidia has worked with companies such as Metso and Kemira in the domestic market. At the moment, Aibidia has a dozen or so talks to co-operate with a number of tax authorities internationally. The company is also announcing its collaboration with two internationally acknowledged thought leaders and digitalisation proponents in transfer pricing:
”We could not be in a better situation: we have a dedicated team supported by the forerunners in transfer pricing digitalisation and extremely competent VCs. We have very ambitious plans and, now, also the means to disrupt the field of transfer pricing and international taxation.”, states Hannu-Tapani Leppänen.
We are very excited to continue backing Aibidia and them now taking the next step in solving transfer pricing with their software!