19.12.2023
Hamburg-based ExpressSteuer, funded with more than 29 million euro, has become insolvent
As first reported by deutsche-startups.de and picked up by Philipp Kloeckner on the Doppelgänger Tech Talk Podcast, ExpressSteuer has become insolvent without warning.
On December 5th, 2023, Daniel Hüfner of Finance Forward still reported that ExpressSteuer was looking for investments between 50 and 150 million dollars. If this was true, it did not materialise.
Founded in 2019, ExpressSteuer joined the competition of other online DIY tax filing solutions rather late, with wundertax (2015), Taxfix (2016) and Steuerbot (2017) already in the picture. However, ExpressSteuer proved successful in the short term, with revenues of 35 million euro after two years and funding of 4,3 million euro in 2021 and 25 million euro in the latest Series A in 2022.
All was not perfect, however, with losses rising from 970.000 euro in 2020 to 3,9 million euro in 2021. More recently, two of the original founders of ExpressSteuer, which operates under the ExpressGroup umbrella, have also left their positions - leaving only Dennis Konrad and Maximilian Lambsdorff.
ExpressSteuer seems to be yet another example of the difficult times that emerging companies are facing when it comes to securing new funding in the current market. TaxTechs seem to be having a particularly tough time in Germany, with no major funding rounds recently, the consolidation of Steuerbot and Taxfix, the acquisition of Kontist by Ageras and layoffs at Taxfix.
As first reported by deutsche-startups.de and picked up by Philipp Kloeckner on the Doppelgänger Tech Talk Podcast, ExpressSteuer has become insolvent without warning.
On December 5th, 2023, Daniel Hüfner of Finance Forward still reported that ExpressSteuer was looking for investments between 50 and 150 million dollars. If this was true, it did not materialise.
Founded in 2019, ExpressSteuer joined the competition of other online DIY tax filing solutions rather late, with wundertax (2015), Taxfix (2016) and Steuerbot (2017) already in the picture. However, ExpressSteuer proved successful in the short term, with revenues of 35 million euro after two years and funding of 4,3 million euro in 2021 and 25 million euro in the latest Series A in 2022.
All was not perfect, however, with losses rising from 970.000 euro in 2020 to 3,9 million euro in 2021. More recently, two of the original founders of ExpressSteuer, which operates under the ExpressGroup umbrella, have also left their positions - leaving only Dennis Konrad and Maximilian Lambsdorff.
ExpressSteuer seems to be yet another example of the difficult times that emerging companies are facing when it comes to securing new funding in the current market. TaxTechs seem to be having a particularly tough time in Germany, with no major funding rounds recently, the consolidation of Steuerbot and Taxfix, the acquisition of Kontist by Ageras and layoffs at Taxfix.