Tax software developer ZenLedger has scored $6m in its Series A round, after recording 500% revenue growth in the past year.
Bloccelerate VC served as the Series A’s lead investor, with other commitments coming from Radical Ventures, G1 VC, Borderless Capital, 4RC, Centrality, BIGG Digital Assets, CoinGecko and Accelerator Ventures.
Several existing ZenLedger backers, including investors Vestigo Ventures, Castle Island Ventures, Migration Capital, Blackwater Capital and Karl Muth, also joined the Series A.
A handful of angel investors also contributed to the round, including Jon Staenberg and Darren Lau.
With the fresh equity, the company is looking to launch its cryptocurrency portfolio management solution. The tool will enable investors and traders to quickly and easily monitor their portfolio’s performance as well as track tax savings.
Alongside this, ZenLedger is looking to hire staff across its marketing, enterprise sales, customer service and software engineering teams to help improve its product and the customer experience.
Founded in 2017 by Pat Larsen and Bryan Starbuck, the company’s ambition is to remove fear and complexity around cryptocurrency tax and accounting processes.
ZenLedger’s platform helps accountants and individuals around the world optimise, simplify and automate their tax processes. Through is dashboard, users can easily see their crypto trading history from over 500 exchanges.
The FinTech company has experienced substantial growth over the past year. It claims to have increased its customer count and revenue by 500% year-over-year and has exceeded $5bn in cryptocurrency transactions processed.
Bloccelerate VC general partner Kate Mitselmakher said, “The proliferation of blockchain applications and digital assets is exponentially increasing compliance and reporting complexities for both retail investors and government agencies alike.
“ZenLedger is on the forefront of supporting this trend with industry-leading tools that will only grow rapidly in demand. We are extremely excited to partner with the exceptionally talented, driven, and creative team from ZenLedger.”
With the close of the round, the company has raised a total of $11.5m in funding.
ZenLedger’s seed round closed in late 2018 on $1.5m, with capital coming from Vestigo Ventures and Castle Island Ventures.
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