Taxfix: Taxfix reportedly lays off 120 employees amid a funding crunch – Times of India

German accounting startup Taxfix has reportedly laid off 20% of its workforce or 120 employees as part of a wider restructuring of the business aimed at cutting costs. According to a report by TechCrunch, the job cuts come in the wake of the company acquiring Steuertbot, a Stuttgart-based start-up, which Taxfix acquired two months ago. Initially, the company mentioned that Steuerbot would be operated as “an independent and complementary subsidiary.”
“With Taxfix’s recent successful acquisition of Steuerbot, great synergies are created, which enable us to heavily increase efficiencies. Therefore we took the strategic decision to restructure the organization,” a Taxfix spokesperson said in an emailed statement.
It seems the company is taking an audit of its own affairs. Meanwhile, Taxfix had also been recruiting employees ahead of announcing the layoffs; now, the company no longer lists open positions on its own careers page so it appears that hiring is also frozen. In 2022, the Germany-based accounting startup reached a $1 billion valuation.
“The macroeconomic funding environment has changed over the past months, and it is, therefore, more important than ever to position ourselves as an independent company for the long term. This entails an even stronger focus of the business activities on sustainable growth and profitability,” the spokesperson said.
The company, in its last funding In April 2022, closed a $220 million Series D at a valuation of $1 billion, from multiple investors that included Teachers’ Venture Growth, Index Ventures, Valar Ventures, Creandum and Redalpine.
In European countries like Germany, Italy and Spain, Taxfix has gained more than five million downloads. The fintech platform recently reached the platform of two billion dollars euros in tax refunds for its customers.