The tech company Fiskaly, specialising in cloud-based taxation solutions, recently closed a growth round, the details of which have not been made public, however, a significant part of the investment came from Verdane, an investment company that manages the Freya XI fund, which has assets of EUR 1.1 billion and usually invests in tickets ranging from EUR 20 to 250 million, so this is an investment capable of propelling the scaleup’s growth.
The round on the one hand serves the company to strengthen its presence in countries where it is already active, such as Germany, Austria and Spain, and on the other hand for its internationalisation, such as in Italy. Fiskaly currently has around 100 employees in its various locations and has recently opened its recruitment campaign in Italy.
The Italian ecosystem is on a very fast growth trajectory comparable to that of France and Spain (source: Growth Capital – VC Observatory Q3 2024). It is precisely the software sector that is currently one of the strongest and fastest growing in the Italian startup ecosystem. In 2024, it maintained the leadership in terms of number of rounds, with 37 deals closed in the first three quarters of the year, surpassing other sectors such as smart city and deeptech. In the third quarter of 2024, the software sector ranked second in terms of amount raised, with around EUR 65 million. This places it among the most attractive sectors for investors, both because of its cross-cutting nature (finding applications in various other sectors) and the growing adoption of technologies such as AI and cloud computing. The positive trend is underpinned by interest in SaaS (software as a service) applications, cloud computing, developer APIs, cybersecurity and management solutions and business productivity tools, which represent key segments within the software industry. It is therefore going through a phase of maturation and diversification, benefiting from the increasing digitisation of Italian companies and the support of both national and international investments.
And Italian companies are still required to invest in certified hardware to control tax records in the cloud. But Fiskaly’s solution will enable Italian businesses to streamline their tax activities, reduce administrative burdens and ensure adherence to Italian regulations, thanks in fact to its Sign IT service: cloud-based and designed to help companies navigate Italy’s complex tax regulations, it allows them to seamlessly integrate complex tax processes into their operations, ensuring compliance and efficiency.
“We are excited to launch Sign IT and enter the Italian market,” says Silvio Agresti, Fiskaly’s country manager for Italy, “Our cloud-based tax solution is designed to meet the unique needs of businesses in Italy, ensuring compliance while simplifying their operations. Verdane’s support will allow us to accelerate our growth and continue to innovate in this critical area.”
The Austrian scaleup is aiming at Italy not only at a time when the sector is mature, but also at a time when it is moving towards the digitisation of the tax system in 2024 with a new legislative decree (DL n. 1/2024) that aims to streamline tax obligations by allowing the electronic transmission of receipts and the issuance of commercial documents without relying on computerised registers or traditional hardware-based receipt issuing systems (DL n. 108/2024). Italy is embracing cloud software and taxation as part of a broader European movement towards digitisation, which requires innovative solutions to ensure compliance with revised regulations and new business models. (photo by The New York Public Library on Unsplash)
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