Pie Systems Secures $15.5 Million Series A to Digitize Global Tax-Free Shopping Experience
Pie Systems, a technology company transforming the global tax‑free shopping experience, has completed a $15.5 million Series A funding round to accelerate its international expansion and enhance its digital platform that simplifies VAT refund processes for retailers and international travellers. The financing marks a significant milestone for the company since its inception in 2017, reflecting growing investor confidence in its mission to modernise an industry long hindered by paper‑based procedures and long queues.
The Series A round, announced in November 2025, was backed by a diverse syndicate of global investors, bringing together venture capital firms and industry specialists to support Pie Systems’ next phase of growth. Lead contributors included Builders VC, a firm focused on backing visionary founders and early‑stage technology companies, and Coral Capital, a prominent Japanese investor with deep ties to Asia’s tech ecosystem. Additional participation came from strategic backers such as DG Ventures, the investment arm of Digital Garage; Green Visor Capital, known for its early support of fintech innovators; Dreamcraft Ventures; MATH Venture Partners; Context Ventures; Plug and Play Japan; New Commerce Ventures; and other individual and institutional investors across multiple regions.
Pie Systems’ flagship product, PIE VAT, is a fully digital tax‑free solution that enables travellers to complete duty‑free refund procedures using a smartphone while offering retailers an electronic management system that replaces legacy paper‑based processes. The platform’s digital approach significantly reduces wait times in stores and at airports, lowers operational burdens for merchants, and provides consumers with a more seamless refund experience. By handling tax‑free documentation and verification electronically, PIE VAT streamlines a traditionally complex and time‑consuming service that has been slow to adapt to the digital age.
The new capital will be deployed to expand Pie Systems’ global reach, particularly in core tourism markets across Europe, Southeast Asia and Japan. Pie Systems’ subsidiary in Japan — Pie Systems Japan Co., Ltd. — will play a central role in executing local strategy and operations, leveraging the country’s robust inbound tourism infrastructure and its status as one of the world’s largest tax‑free shopping markets. The company plans to deepen relationships with large retail chains and commercial facilities while strengthening marketing efforts aimed at travellers and merchants alike.
In addition to geographic growth, Pie Systems intends to enhance its product offering, including next‑generation duty‑free solutions that align with evolving regulatory reforms. By integrating purchasing, movement and payment data across borders, the company aims to build a broader travel ecosystem that extends beyond traditional VAT refund services and offers insights that benefit retailers, travellers and local businesses. The expanded platform will also support advanced analytics and tailored offerings that improve customer engagement and merchant performance.
CEO Sunny Long has articulated a long‑term vision for Pie Systems that goes beyond tax‑free shopping, describing the company’s mission as “Supercharge Tourism,” by addressing inefficiencies that continue to impede seamless travel experiences worldwide. Under his leadership, the company is focused on driving technology adoption among retailers, travellers and partners while fostering innovation in tourism‑related services. The Series A funding provides the financial foundation necessary to pursue these ambitions and catalyse broader industry change.
Investors in the Series A round have expressed confidence in Pie Systems’ ability to reshape the tax‑free shopping landscape through digital innovation. By eliminating paperwork and enhancing transparency, the platform not only elevates the traveller experience but also offers merchants a more efficient and scalable way to manage VAT refunds — a critical component of the retail ecosystem in many tourist destinations.
With its strengthened financial backing and strategic investor base, Pie Systems is well‑positioned to scale its operations and technology infrastructure into 2026 and beyond. As global travel continues to rebound and digital solutions become increasingly central to the tourism economy, Pie Systems’ funding success underscores the growing demand for platforms that bring traditional services into the digital era.
